A consortium led by Umm Al Qura for Development and Construction has received two letters of award from the Royal Commission for Makkah City and Holy Sites to develop two sites (Hindawiya West and South) adjacent to Masar Destination in Makkah.

The project is estimated to cost around 6 billion Saudi riyals ($1.6 billion), the developer said in a statement to the Saudi stock exchange.

The development, with a combined area of 1.15 million square meters (sq m) (Hindawiya West: 841,292 sq m and Hindawiya South: 308,304 sq m), will be carried out by establishing a real estate investment fund managed by a financial institution licensed by the Capital Market Authority.

The consortium comprises Umm Al Qura, Makkah Construction and Development Company, and Al Rajhi United Real Estate Company.

Umm Al Qura will act as the consortium leader and development manager. Makkah Construction will serve as the financial partner, while Al Rajhi United will act as the technical partner.

The project will serve as an extension to Masar Destination, the statement said.

No project details were given.

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

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