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Umm Al Qura for Development & Construction has signed two pre-reservation agreements with Mosa bin Abdul Aziz Al-Mosa and Sons Group Real Estate Holding (Mosa Al Mosa) to develop two projects valued at more than 1.3 billion Saudi riyals ($346.5 million) in Masar Destination in Makkah.
The development will feature two integrated hotel and commercial towers, strengthening the hospitality sector, the company said in a post on social messaging platform X.
The two land plots were sold for SAR 438 million, the company said in a statement to the Saudi stock exchange. The first plot was sold for SAR 237 million, while the second was sold for SAR 201 million.
As per the reservation agreements, the investor will pay a deposit for the reservation of each land plot, with the plan to execute the final sale agreements during the duration of the reservation agreements.
In July, the company signed a non-binding tripartite memorandum of understanding to set up a SAR 1.4 billion real estate private fund.
(Editing by Anoop Menon)
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