Umm Al Qura for Development and Construction Company (Masar) said the 210.8 million Saudi riyal ($56.18 million) proceeds from the sale of the land plot in Masar Destination in Makkah will be used to finance working capital and ongoing projects.

The company sold the land plot within the mega mixed-use development to Heyazah Osool Al-Hejaz Development Company, a special purpose vehicle (SPV) of a real estate fund managed by BlomInvest Company, Masar said in a statement to the Saudi stock exchange.

The SPV will develop a hospitality project, but no details have been provided.

The book value of the land exceeds SAR 100 million.
 
The transaction is expected to have a positive impact on Masar’s liquidity and financial results, the statement said.


(Editing by Anoop Menon) (anoop.menon@lseg.com)

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