UAQ and Alinma Investment partner to support long-term institutional investment in MASAR with over SAR 17 billion

The appreciation came during Alinma Investment's recent field tour of the destination that aimed at outlining the necessary plans to develop hotel towers at a value exceeding SAR 17 billion

  
UAQ and Alinma Investment partner to support long-term institutional investment in MASAR with over SAR 17 billion

Makkah: Alinma Investment commended the remarkable progress achieved by the “Masar” destination in developing infrastructure for the next 100 years. The appreciation came during Alinma Investment’s recent field tour of the destination that aimed at outlining the necessary plans to develop hotel towers at a value exceeding SAR 17 billion.

“Alinma Investment is one of the key active partners in Masar, and UAQ’s collaboration with the company aims to support the drive towards long-term institutional investment in the destination that is distinguished by its strategic location connecting the western entrance of Makkah to the Holy Mosque in the sacred city,” said Yasser Abuateeq, CEO of Umm Alqura for Development &ConstructionCo. (UAQ).

Abuateeq confirmed that the destination’s development plan is progressing on schedule, as more than 60% of the infrastructure work has been completed. “We aim to have greater achievement rates in the implementation of the ongoing work during the current year, in line with the Saudi leadership’s keenness and aspirations to make their utmost efforts in the Kingdom’s mega projects to serve the pilgrims.”

For his part, CEO of Alinma Investment, Mazin Baghdadi, congratulated their partners in Masar on the royal decree issuing four unified title deeds for the destination. The new title deeds will contribute to stimulating investment in Masar as a modern destination and an urban signature landmark in Makkah seeking to improve the quality of life for the Holy City’s residents and visitors and elevate the experience of pilgrims.

Baghdadi explained that the visit will support the partners and ensure business continuity according to the Masar destination’s plans and objectives and in accordance with the investment vision of the Alinma Makkah Real Estate Development Funds with an investment value exceeding SAR 17 billion. He also expressed his happiness at the tremendous achievement in the development of infrastructure, the accelerated pace of construction, and the business continuity during the past year during which most of the works and projects in the region and the world have stagnated due to the coronavirus pandemic.

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