Country for PR: United Kingdom
Contributor: PR Newswire Europe
Wednesday, July 27 2022 - 04:55
With a Value Reaching up to half a billion riyals Masar Destination and AlZamel Real Estate Development Sign an acquisition agreement
MECCA, Saudi Arabia, July 26, 2022 /PRNewswire-AsiaNet/ --

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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SOURCE: Umm Al Qura For Development & Construction – Masar Destination