Saudi-based Umm Al Qura for Development and Construction Company has announced the extension of two reservation agreements with Mousa Abdulaziz Al Mousa & Sons Real Estate Holding Group for the sale of two plots within its premium Masar Destination in Makkah.

A landmark urban project in Makkah being developed by Umm Al Qura, Masar Destination boasts a mix of hospitality, commercial, retail and residential offerings alongside cultural centres. Extending over 1.2 million sq m, it will create an integrated gateway leading directly to the Grand Mosque.

The extension has been agreed upon due to procedural reasons concerning the two plots of land, said Umm Al Qura for Development and Construction Company in its filing to Saudi bourse tadawul. 

The deal was inked in co-ordination with Al Inma First Development Company, the special purpose vehicle for the Al Inma Makkah Development Fund I, a unit of Umm Al Qura.

This transaction is linked to the development of hospitality units within Masar development, it stated. 

The reservation agreements have been extended until April 9, provided that the final sale agreements will be executed during the validity period of the reservation agreements, it added. 

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