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Saudi Arabia: Umm Al Qura for Development & Construction Company has signed a land sale agreement with Methak Investment Holding Company to develop a tower for serviced apartments and hotel rooms in Makkah.
Umm Al Qura is the owner, developer and operator of Masar Destination. This agreement is part of Masar Destination’s strategy to broaden its hospitality opportunities across Makkah.
As Masar Destination is one of Makkah’s most important urban developments and a fully integrated model for modern living, the agreement also reflects investor confidence in the opportunities offered by Masar Destination. The project is expected to contribute to Makkah’s tourism and hospitality growth to enhance experiences for both residents and visitors.
“This agreement reflects our ongoing commitment to building an integrated investment ecosystem at Masar Destination,” Umm Al Qura’s CEO Yasser Abuateek said. “By attracting partners with the vision and expertise to develop high-quality assets, we are strengthening the destination’s long-term value. We remain focused on diversifying our real estate offerings and bringing complementary uses together to help create a sustainable urban environment that elevates the visitor experience and strengthens Makkah’s appeal as an investment destination.”
Ayman bin Ahmed Al-Bashir, CEO of Methak Investment Holding Company, added: “Our investment in Masar Destination reflects our confidence in its long-term potential and our commitment to developing high-quality real estate assets in strategic locations. We are proud to be part of this landmark destination in Makkah and to contribute to achieving the objectives of Saudi Vision 2030 while further enriching the experience of pilgrims and visitors to the holy city.”
With this agreement, Umm Al Qura will continue to develop Makkah as a travel destination by building strategic partnerships, creating high-quality investment opportunities, expanding real estate offerings and more.
Highlights:
- Umm Al Qura for Development & Construction Company has signed a land sale agreement with Methak Investment Holding Company to develop a tower featuring serviced apartments and hotel rooms in Makkah, Saudi Arabia.
- The agreement supports Masar Destination’s strategy to expand its hospitality offering. Umm Al Qura owns, develops and operates Masar Destination, an integrated urban development designed to bring together residential, hospitality and other real estate uses.
- The planned tower is expected to contribute to Makkah’s tourism and hospitality growth, expanding accommodation options for residents, pilgrims and visitors while supporting the city’s appeal as an investment destination.
- The partnership reflects both companies’ focus on high-quality real estate development. Umm Al Qura CEO Yasser Abuateek said the agreement will help diversify Masar Destination’s property portfolio and strengthen its long-term investment value.
- Methak Investment Holding’s investment aligns with Saudi Vision 2030, according to CEO Ayman bin Ahmed Al-Bashir, who said the company aims to contribute to Makkah’s development and enhance experiences for pilgrims and visitors.
