01 October 2023

Saudi-based Umm Al Qura for Development and Construction said it has reached an agreement with Scope Properties for the acquisition of land for the construction of residential towers at Masar Destination in Makkah at a total investment of SAR900 million ($240 million).

Umm Al Qura is the owner and developer of Masar Destination, a new urban development that will boast tens of thousands of hotel and residential units as well as a host of retail and commercial units.

The agreement was signed on the sidelines of the inaugural edition of Cityscape Global exhibition held in Riyadh last month.

Masar is an urban destination with a development and investment vision that adopts the highest environmental and community sustainability standards. Till date, nearly SAR40 billion ($11 billion) has been spent on Masar Destination, said Umm Al Qura.

The project is being developed in co-ordination with investors from the private sector and state-owned investment funds including Public Investment Fund (PIF), Ministry of Finance, Public Pension Agency, General Organization for Social Insurance, and General Authority of Awqaf. 

• Al Bawani JV win deal to build Seven Yanbu
• Roshn awards $2.4bn community projects work
• EDF, Masdar ink RSG multi-utilities deal
• Turner Arabia lands Mukaab PMC contract
• Helicopter-aided work pioneered in Neom
• $240m residential towers pact for Masar
• King Salman Park to host $1.1bn mixed-use project
• $3.3bn deal signed to create Saudi steel giant
• JCV debuts Mercedes-Benz’s eActros electric truck

Tags

Oman Water Technology Glass & Metal Cranes Metaverse & Digital Twins Focus on Stone Legally Bound Regional News Saudi Focus UAE Focus Events Tenders Manufacturers & Procurement

Gulf Construction is the undisputed leading trade journal for the building and construction industries of Saudi Arabia and the other Gulf states. The magazine provides editorial coverage on a wide range of topics which are of interest to industry professionals. In addition, regular features highlight technological developments within specific industry fields. Launched 40 years ago, the magazine has established an enviable reputation as an authoritative, respected journal with unmatched coverage of the Gulf region. Gulf Construction is essential reading for anyone with a serious interest in the region’s building and construction industry.