Riyadh, Saudi Arabia — A consortium led by Umm Al Qura for Development and Construction Co. (Masar) has received notices to develop two districts in Makkah under a project with an estimated value of SAR 6 billion ($1.59bn), the company said.
Masar said it received two award notices on May 31 from the Royal Commission for Makkah City and Holy Sites covering the western and southern Hindawiyah districts adjacent to the Masar destination.
The consortium includes Masar, Makkah Construction and Development Co. (MCDC) and AlRajhi United Real Estate.
The two sites cover a combined area of about 1.15 million square meters, including 841,300 square meters in West Hindawiyah and 308,300 square meters in South Hindawiyah.
The project will be implemented through a private real estate investment fund managed by a Capital Market Authority-licensed financial institution.
Masar will serve as development manager, MCDC as financial partner and AlRajhi United Real Estate as technical partner.
The company said the award remains subject to regulatory and contractual requirements, including the signing of a framework agreement. It added that the financial impact cannot yet be determined.
According to Argaam data, the Royal Commission for Makkah City and Holy Sites awarded six urban development sites in Makkah with a combined project value of SAR 13.3 billion.
