Umm Al Qura for Development and Construction has confirmed that it has signed a land sale agreement with Osus Real Estate for three plots, with planned investments of roughly SAR 1bn ($266.3m) within its mega community development – Masar in Makkah city.
Umm Al Qura mentions the project will see three residential towers come up within the development showcasing a total of 690 apartments. It is set to be situated in Zone Three, the closest area to the commercial complex within Masar Destination.
The site spans over 1.2 million sqm area, and the Masar Destination is the largest urban project in Makkah including integrated residential, commercial, hospitality and service components.
The destination features an extensive portfolio, which spans hotels, residential and hotel apartments, and integrated commercial and medical facilities, aligns with the goals of Saudi Vision 2030, while supporting the rapid growth of the city.
Osus Real Estate will be developing the development through a real estate fund being managed by Al Rajhi Capital, one of the leading financial services provider in Saudi Arabia.
“At Masar Destination, we continue to attract high‑quality investments to diversify real estate offerings and enhancing quality of life, in line with our objectives of building an integrated and sustainable urban community in the heart of Makkah, while reinforcing Masar Destination’s position as one of the Kingdom’s leading urban and investment destinations.”
Yasser Abuateek, CEO, Umm Al Qura
Osus Real Estate CEO Anas Al Majed mentions the development represents an important stage in the company’s journey towards developing high‑quality projects in Makkah.
“It reflects our confidence in the investment and development potential of Makkah. At Osus Real Estate, we are committed to developing projects that enhance living experience and meet market aspirations.
“This project is strategically located within Masar Destination to offer a fully integrated modern lifestyle, supported by advanced infrastructure, contemporary facilities, and diverse services, thereby enhancing quality of life and supporting the urban development objectives of Makkah.”
Anas Al Majed, CEO, Osus Real Estate
Hossam Al Basrawi, CEO of Al Rajhi Capital (Fund Manager), expressed his joy in the partnership, re-affirming that investing in the Masar Destination represents a positive strategic opportunity.
“This project represents an important step within our promising real estate investments. We believe in the strong fundamentals of Masar Destination and its strategic location within one of Makkah’s key urban areas.
“Through this fund, we aim to develop high‑quality residential products that meet market needs and deliver sustainable value for both investors and beneficiaries alike.”
Hossam Al Basrawi, CEO of Al Rajhi Capital (Fund Manager)
