Umm Al Qura for Development and Construction, the Saudi-listed owner, developer and operator of Masar Destination in Makkah, has witnessed significant investment in its flagship Masar Destination in Makkah. Over the past year, a series of land sales, development agreements and strategic partnerships have been signed that are expanding the project’s residential offering while reinforcing its position as one of Saudi Arabia’s largest mixed-use urban developments.
The latest agreements mark a shift from infrastructure delivery towards vertical real estate development, with the company partnering with a growing number of developers and investment funds to deliver luxury residential towers and mixed-use assets across the destination, according to announcements by Umm Al Qura on its official LinkedIn page and company website.
Umm Al Qura for Development and Construction, meanwhile, has also unveiled a major expansion strategy, which will see it launch yet another landmark development – Masar Gardens.
Masar Destination
Masar Destination, a 1.2-million-sq-m integrated urban development located about 550 m from the Grand Mosque (Masjid Al Haram) and near the Haramain High-Speed Railway station, completed major infrastructure works by the end of 2025 and began operational rollout and pilot operations of key facilities in 2026. The project is designed to include residential, commercial, hospitality and service components with projected residential capacity of around 158,000 upon completion.
On Umm Al Qura for Development and Construction’s inaugural Capital Markets Day in July 2026, the company stated that it had attracted approximately SAR40 billion ($10.67 billion) in development investments and more than 30 strategic partnerships, comprising 81 plots actioned for development which approximately represents 40 per cent of the land bank within Masar Destination.
Masar Destination, a 1.2-million-sq-m urban development located about 550 m from the Grand Mosque.
On the occasion CEO Yasser Abuateek stated: “Masar is no longer only a development project; it is a destination and a platform for long-term value creation.”
Recent partnerships at Masar Destination include:
• A reservation agreement with a real estate fund managed by Watheeq Capital to sell three land plots, covering three non-boulevard-facing plots in Zone 2 of the development with a combined area of 7,387 sq m. These plots are being bought by Watheeq Real Estate Opportunities Second Fund Company, a special-purpose vehicle (SPV) of a real estate fund managed by Watheeq Capital. The land will be developed into residential units.
• A final sale agreement with Madar Al-Tase’e Company, the special-purpose vehicle of a real estate fund managed by Alistithmar Capital, together with Dar Al Majed Real Estate and Al Obeikan Real Estate Development. The consortium will develop two residential towers in Zone One of Masar Destination, following an earlier reservation agreement. The two land plots were sold for a combined SAR462.1 million ($123.2 million).
• A sale agreement in June 2026 with Osus Real Estate Company (via an SPV of a fund managed by Alrajhi Capital) for three land plots in Zone Three to develop three residential towers with approximately 690 units and total investments of around SAR1 billion.
• A land-reservation agreement (announced November 2025) with Buyut Al Khomasiyah Company (a subsidiary linked to BLME Capital/Madar Fund) for two plots in Zone Three for two residential towers with 547 units and investments exceeding SAR1 billion; Al Khomasiah is to execute the project.
More than 80 plots have been sold for development.
• A land-sale agreement for a 500-unit hotel tower with Heyazah Al Haram Fund (represented by Hejaz Real Estate Asset Acquisition Company, managed by Blom Investment), with investments of about SAR1 billion.
• Sedco Capital has agreed to develop a fully integrated residential project of more than 540 units in Masar’s central zone, worth about SAR1.4 billion.
• A land sale exceeding SAR1.6 billion with Mohammad Al Habib Real Estate Company for five mixed-use towers incorporating hospitality, commercial and residential components.
• Naif Al Rajhi Investment and Aljazira Capital signed a tripartite memorandum of understanding with Umm Al Qura in June 2025 to launch a real estate private fund with an estimated capital of SAR1.4 billion, to develop hotel and residential units within Masar.
• Mosa Abdulaziz Almosa and Sons Group Real Estate Holding acquired two land plots worth SAR438.8 million in Masar Destination in September 2025 for hospitality development.
• Shulat Al-Wadi Real Estate Company signed a reservation agreement in August 2025 to develop two land plots with a combined area of 5,311 sq m. The plots will be developed into two residential towers comprising more than 540 units, with expected total investment value of SAR1 billion. Al Basateen Real Estate Company has been appointed to undertake the development.
• A land sale agreement for SAR255.76 million with the Home Investment Fund, a real estate fund managed by Jadwa Investment, for a 2,500-sq-m plot.
The latest deals build on a broader programme of partnerships that has gathered pace over the past two years including agreements supporting Marriott’s Courtyard by Marriott Makkah Masar (the group’s 100th hotel in the Kingdom); and other plot sales and community partnerships, including with the Holy Makkah Municipality.
Company executives have described the deals as advancing high-quality investment, diversified real-estate offerings, quality of life for residents and visitors, and alignment with Saudi Vision 2030 goals for Makkah’s growth and the kingdom’s broader economy.
Masar Gardens, a new mixed-use destination to be developed adjacent to Masar Destination.
Umm Al Qura told the Saudi Exchange in June that Masar Destination had been named among the designated zones in Makkah opened to non-Saudi ownership under the kingdom’s new foreign real estate ownership framework. The company said the move should widen the pool of eligible investors.
Meanwhile, Masar Destination has recently received LEED Gold Certification for Communities.
This achievement confirms that Masar is not just an urban project, but an integrated city designed to serve people and communities; combining sustainability, quality of life, and a complete urban experience in the heart of Makkah, says Umm Al Qura for Development and Construction.
Multi-destination urban development platform
Meanwhile, in June 2026 the company launched a five-year strategy for 2026–2030, shifting from a single-destination focus to a multi-destination urban development platform spanning Makkah, Madinah and Jeddah. It aims to manage an additional development portfolio exceeding SAR50 billion, supported by planned capital investments of up to to SAR5 billion.
As part of this strategy, Umm Al Qura for Development and Construction is developing Masar Gardens, a new mixed-use destination adjacent to Masar Destination spanning 1.2 million sq m, according to a company statement. The project, on the Hindawiya West and Hindawiya South sites, will be delivered by a consortium of Umm Al Qura, Makkah Construction and Development Company and Rajhi United Real Estate Company.
Masar Gardens carries an initial infrastructure and land investment of about $1.6 billion. It will be delivered over five years and will include more than 140,000 sq m of green spaces, 8 km of pedestrian paths and a 17-km cycling track as part of its infrastructure and place‑making framework.