the_saudi_boom_logo_multicolor
Home » Companies » Masar Makkah Signs 0 Million Deal For Residential Towers In Makkah
Masar Makkah Signs $240 Million Deal For Residential Towers In Makkah
Masar Makkah Signs $240 Million Deal For Residential Towers In Makkah

This monumental project aligns with the strategic vision of Masar Destination, a transformative urban development aimed at enhancing the city landscape. The agreement was signed on the sidelines of the first Cityscape Global exhibition in Riyadh.

Umm Al Qura, who are the owners and developers of the new Masar Destination in Holy Makkah and who aim to create 24,000 hotel rooms, has just signed an agreement with Scope Properties for the construction of residential towers in Makkah City at a total investment of $240 million. 

The No.1 Business Site in Saudi Arabia

Get The Latest Developments in The Growth of Saudi Arabia Straight to Your Inbox and Stay Ahead of The Curve

The Project: A Closer Look

Image Credit Masar Makkah

The project, known as Masar Destination, is an ambitious urban development initiative that embodies the highest standards of environmental and community sustainability. 

To date, nearly SAR40 billion ($11 billion) has been invested in the project, showcasing the strong commitment of Umm Al Qura and its partners.

Residential Towers

Image Credit Masar Makkah

The residential towers are the centerpiece of the development, reflecting the ambitious vision of Masar Destination. With an investment of SAR900 million ($240 million), these towers will significantly contribute to the urban landscape of Makkah. 

The project promises to offer residents a unique living experience, combining modern amenities with the spiritual ambiance of the holy city.

Hotel Units

Image Credit Masar Makkah

The development will also feature an impressive number of hotel units. With a capacity of 24,000 rooms, the hotels can accommodate many visitors, catering to the city’s growing tourism industry. 

The hotel units are designed to offer guests a comfortable and luxurious stay while immersing them in the spiritual charm of Makkah.

Retail and Commercial Units

Image Credit Masar Makkah

In addition to residential and hotel units, Masar Destination will also host a variety of retail and commercial units. These units will provide residents and visitors with a wide range of shopping and dining options, thereby enhancing their experience in the city.

The Partners: A Strong Alliance

Image Credit The PIF

The project is being developed in collaboration with several investors from the private sector and state-owned investment funds. These include the Public Investment Fund (PIF), Ministry of Finance, Public Pension Agency, General Organization for Social Insurance, and General Authority of Awqaf.

The Vision: A Sustainable Future

Image Credit Masar Makkah

At the heart of Masar Destination’s vision is the commitment to environmental and community sustainability. The project adopts the highest sustainability standards, aiming to create a development that respects the environment and contributes positively to the community. 

This vision aligns with Saudi Arabia’s ambitious sustainability goals and commitment to creating a sustainable future for its citizens.

The Impact: Transforming Makkah’s Landscape

With its ambitious vision and significant investment, Masar Destination is set to transform the landscape of Makkah. The development will not only enhance the city’s infrastructure but will also contribute to its economy by creating jobs and attracting tourists. 

Moreover, it will provide residents with a high-quality living experience, improving their quality of life.

Shaping the Future 

The agreement between Umm Al Qura and Scope Properties marks a significant milestone in the development of Masar Destination. As the project moves forward, it will be exciting to see how it shapes the future of Makkah and contributes to the city’s growth and development. 

With its ambitious vision and strong commitment to sustainability, Masar Destination is set to become a shining example of urban development in the Middle East.

Become smarter in just 5 minutes

Get the latest developments on The Saudi Boom straight to your inbox and stay ahead of the curve for free