Umm Al-Qura for Development & Construction Company (UAQ), owner and developer of urban mega project Masar Destination, located at the centre of the holy city of Makkah, signed three investment agreements totalling 2.2 billion Saudi riyals ($587 million) on Monday on the sidelines of Cityscape Global in Riyadh.

The three agreements, announced on Masar Destination’s official twitter account, are as follows:

  • Agreement worth SAR800 million signed Egypt-based Swiss Inn Hotels & Resorts
  • Agreement worth SAR450 million with Saudi developer Fouad Khafaji Real Estate Company
  • Agreement worth SAR900 million with Saudi’s Scope Properties

No further details were shared about the agreements.

On Sunday, state-owned news agency SPA had announced that Masar Destination launched a SAR4 billion ($1.07 billion) project to construct 18 residential towers, four hotel buildings, and an office building at the master development.

In November 2022, UAQ announced that it signed agreements with international hospitality companies as part of a $2 billion hotel projects package for developing and operating seven hotel towers.

Spread over an area of 1.2 million sqm with a 3.5-kilometre central pedestrian boulevard leading to the Al Haram Mosque, the SAR 00 billion ($26.6 billion) Masar Destination is a crucial element of Saudi government's plan to increase the number of Umrah pilgrims to 30 million by 2030 and improve the quality of life for Makkah residents and visitors.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)

(anoop.menon@lseg.com)