Replete with hospitality, residential, retail and commercial units, Masar Destination will be developed by Saudi-developer Umm Al Qura
Saudi-based Umm Al Qura for Development and Construction has announced that it has reached an agreement with Scope Properties for the construction of residential towers in Makkah city at a total investment of SAR900 million ($240 million). Umm Al Qura is the owner and developer of Masar Destination, a new urban development in Makkah city 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 in Riyadh.
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 the statement.
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, the General Organization for Social Insurance, and the General Authority of Awqaf.
