Aldyar Alarabiya investments in Masar rise to SAR 6 bln

The signing of the agreement

Aldyar Alarabiya stated that the value of its investments in Masar Destination increased to SAR 6 billion, as both parties signed an agreement on the sidelines of the Cityscape Global Exhibition to start implementing four new residential towers, with investments worth SAR 2.5 billion.

In a statement to Argaam, the company added that the agreement includes the development of four out of the 10 new residential towers agreed upon earlier last year. 

The new projects will add more than 95,000 meters to the area allocated for luxury residential apartments, which are divided into three residential towers and a 32-floor hotel tower.

The total investment in these towers is SAR 2.5 billion, while the investments attracted to Masar Destination to date stood at more than SAR 40 billion. 

CEO of Aldyar Alarabiya Naif Alatawi expressed his delight at signing this agreement, noting it continues the company's journey in the field of real estate development. "We seek to exploit all our capabilities to provide distinguished residential solutions in Masar Destination,” he said. 

Yasser Abu Ateeq, CEO of Umm Al Qura for Development and Construction, said the partnership with Aldyar Alarabiya is a continuation of the success achieved by the first package of towers at Masar Destination, which was agreed upon during the past year.

He added the new residential projects within the scope of the destination will provide diverse options catering to the needs of those wishing to own residential units near the Holy sites.

Abu Ateeq noted that this will contribute to boosting the attractiveness of Masar and reflect the desire of both parties to achieve their vision of contributing to the development of Makkah.