Saudi Arabia’s Masar Targets Investments Worth $4.5b

SourceAsharq AL-awsat
SectorReal Estate
CountrySaudi Arabia

Saudi Arabia’s Umm Alqura for Development and Construction (UAQ) said the cost of implementing the infrastructure development phases for the next decade and the plans necessary to develop hotel towers in Masar Makkah exceed SAR17 billion ($4.5 billion). Masar, also known as King Abdul Aziz Road Project, was unveiled by the UAQ in mid-2020. It is one of the most prominent model development projects seeking to serve Makkah residents, visitors, and pilgrims. UAQ CEO Yasser Abuateek revealed on Monday the partnership with Alinma Investment Company to support long-term institutional investment in the Masar destination. He said more than 60 percent of the project’s infrastructure has been implemented so far. The project has recently obtained a royal approval to issue four title deeds that would contribute to speeding-up the investment process in Masar. more...