Umm Al Qura for Development & Construction Signs Land Reservation Agreement with BLME Capital to Develop Two Residential Towers in Masar
Riyadh – 19 November 2025: Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination in Makkah, has signed a land reservation agreement for two strategic plots with Buyut Al Khomasiyah Company, a subsidiary of Madar Fund under BLME Capital. The deal outlines the development of two residential towers in Zone Three of the destination, which is closest to Masar’s commercial complex. The project will include 547 residential units, with investments exceeding SAR 1 billion.
The agreement was signed on the sidelines of the third edition of Cityscape Global in Riyadh, where the company participated as the event’s Holistic Destination Partner. Al Khomasiah Global Real Estate Development Company will undertake the execution of the project, which will enhance Masar’s urban and architectural landscape while meeting the growing demand for high-quality residential units in Makkah.
Commenting on the deal, Yasser Abdulaziz Abuateek, CEO of Umm Al Qura for Development & Construction, said: "This agreement demonstrates our commitment to attracting high-quality investments and partnerships that achieve real impact. Together, these efforts will allow us to deliver real estate development opportunities that meet the highest standards and truly serve the residents and visitors of Makkah".
Yasser Ameed Almuhtadi, CEO of BLME Capital Company, said: "Our collaboration with Umm Al Qura for Development & Construction marks a strategic step in our expansion plans, in alignment with Saudi Vision 2030, which aims to enhance the quality of services provided to pilgrims, foster growth in the real estate sector, and develop sustainable destinations. Masar is an integrated development hub and a leading urban destination, and we look forward to completing a project that, through its high standards of quality and innovation, will enrich the lives of all in Makkah."
Ammar Baroom, CEO of Al Khomasiah Real Estate Development Group, affirmed that this partnership reflects the Group’s unwavering commitment to delivering landmark projects aligned with the objectives of Saudi Vision 2030. He stated: “Collaboration with Umm Al Qura for Development & Construction and BLME Financial highlights Al Khomasiya’s dedication to creating exceptional real estate developments that drive sustainable urban growth in Makkah. We believe that Masar destination is an exceptional project that seamlessly blends authenticity with modernity, embodying our standards of quality and innovation, and reinforcing Makkah’s position as a world-class integrated urban hub.”
Masar Destination is one of the Kingdom’s most prominent urban development projects, distinguished by its integrated infrastructure and multi-use facilities, making it an ideal environment for investment, living, and hospitality. The destination also enhances quality of life and strengthens Makkah’s position as a modern city that actively serves its residents, visitors, and pilgrims.