SAUDI ARABIA —Umm Al Qura for Development and Construction Company has signed a land sale agreement covering three plots within Masar Destination in Makkah, enabling the development of a residential project with total estimated investments of about SAR 1 billion. The plots were acquired by Osus Abraj Bawabat Alrahmaniyah Company, a special purpose vehicle associated with a real estate fund managed by Alrajhi Capital, with development to be undertaken by Osus Real Estate.
The planned project will consist of three residential towers providing approximately 690 housing units. The development is located in Zone Three of Masar Destination, an area positioned near the project's commercial district, reflecting continued efforts to expand residential offerings within one of Makkah’s largest mixed-use urban developments.
The transaction highlights ongoing investor interest in Makkah’s real estate sector, where population growth, religious tourism, and infrastructure upgrades continue to drive demand for housing and integrated urban communities. The development is expected to support construction, real estate services, property management, and related sectors.
For investors and market participants, the agreement underscores the role of institutional capital in advancing large-scale residential projects aligned with Saudi Arabia’s urban development objectives. Umm Al Qura for Development and Construction is the owner, developer, and operator of Masar Destination, a major master-planned project integrating residential, commercial, hospitality, and service components within Makkah.
