With a Value Reaching up to half a billion riyals Masar Destination and AlZamel Real Estate Development Sign an acquisition agreement

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MECCA, Saudi Arabia, July 26, 2022 /PRNewswire/ -- Um Al-Qura Development and Construction Company, owner and developer of Masar Destination and AlZamel Real Estate Development company signed an acquisition agreement today; according to which AlZamel Real Estate Development will become the owner of one of the luxury residential towers overlooking Masar Front at a value of half a billion riyals.

The signing agreement took place between Um Al-Qura Development and Construction company's CEO, Mr. Yasser Abuateek, and AlZamel Real Estate Development company Chairman of the Board of Directors, Mr. Abdul Hamid Abdullah AlZamel. Mr. AlZamel expressed his contentment and gratitude confirming that the acquisition is in line with the high aspirations of AlZamel Real Estate Development, as they are keen to provide the highest levels of Real estate services and the development of luxury residential solutions. AlZamel company will be developing supreme residential apartments for sale that are worthy of the distinctive and upscale Masar Destination.

In the meantime, Mr. Yasser Abuateek, CEO of Um Al-Qura Development and Construction, expressed the company's eagerness for the agreement with AlZamel Real Estate stressing keenness to support the hospitality sector and Masar Destination's efforts to seek development of a distinguished residential experience that meets the requirements of Makkah residents and visitors.

Masar is an urban destination with a development and investment vision that adopts the highest environmental and community sustainability standards. Masar will be a distinctive landmark that enhances the quality of life of the people of Makkah and its visitors through a diverse range of offerings and capabilities. Its integrated and diverse ecosystem that attracts investment in many vital sectors and the quality of its facilities and services, will make Makkah an attractive destination that drives long-term investments.

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