Masar Announces Land Sale in Makkah for SAR 264.9 Mln

Umm Al Qura for Development and Construction Company (The Owner, Developer and Operator of “Masar” Destination) announced on Monday the sale of a land plot within the project in Makkah Al-Mukarrama for SAR 264.9 million.

In a statement published on the Saudi Exchange (Tadawul), the Company stated the transaction supports its development strategy, with the buyer planning to construct a residential tower on the site.

The land area is 2,703.50 square metres, and the book value of the asset is SAR 145.9 million.

The Company expects the deal to have a positive impact on liquidity and financial results.

Parties to the transaction:

Seller: Umm Al Qura for Development and Construction Company

Buyer: Tomooh AlKhaleej Financial Company