Umm Al Qura launches $1.6 billion project in Mecca

en.Wedoany.com Reported - Umm Al Qura has announced the launch of Masar Gardens, a mixed-use urban destination in Mecca, Saudi Arabia, encompassing residential, commercial, hotel, and public spaces.

Located within a 1.2 million square meter area, Masar Gardens features extensive infrastructure, green spaces, pedestrian walkways, and modern mobility solutions. The initial investment in infrastructure and land for the project is $1.6 billion, aimed at supporting Mecca's long-term urban development goals, enhancing residents' quality of life, and boosting the city's investment appeal.

Scheduled for completion within five years, the project is part of Umm Al Qura's new growth strategy, which seeks to transform the company from a single-destination developer into a diversified urban destination and investment platform in western Saudi Arabia.

A senior company official revealed that the new strategy aims to expand Umm Al Qura's development portfolio beyond its flagship Masar Destination project, with future plans for more projects in Mecca, Jeddah, and Medina.

Company CEO Yasser Abuateek stated that the company aims to build a diversified urban destination portfolio valued at over $13.2 billion and attract new investment opportunities and strategic partners.

Umm Al Qura stated that it is leveraging its development expertise and institutional capabilities to create long-term value for investors, communities, and the broader economy.

Yasser Abuateek added that this announcement reflects the company's broader vision to develop scalable urban destinations that support Saudi Arabia's economic diversification and create sustainable growth opportunities for local and international investors.

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