Umm Al Qura Signs Agreement to Develop Hotel Tower in Makkah

en.Wedoany.com Reported - On October 26, Saudi Umm Al Qura for Development and Construction Company announced the latest land transaction in the Masar Integrated Development Project in Makkah. Its fund-owned project company signed a land sale agreement on October 25 to sell a 3,217-square-meter plot in the third district of the project for SAR 138.98 million (approximately USD 37.06 million). The buyer is Al Sakan Al-Mithali for Development, a subsidiary of Methak Investment Holding, which plans to develop a tower comprising serviced apartments and hotel rooms on the plot.

The plot is located in the third district of the Masar development area, facing Abdullah Arif Road. The seller is Al-Inma Second Development Company Limited, a special purpose vehicle established by Al-Inma Makkah Development Fund II, in which Umm Al Qura holds all units. The book value of the plot is approximately SAR 59.67 million, and the transaction price excludes relevant taxes and fees, which shall be borne by the buyer.

Umm Al Qura will use the proceeds from this land sale to supplement working capital and support the construction of existing projects within the Masar development area. The buyer will be responsible for the subsequent investment and development of the hotel tower, which is planned for serviced apartments and hotel rooms.