Riyadh – Mubasher: Umm Al Qura for Development and Construction Company, the owner, developer, and operator of Masar Destination, has signed a reservation agreement with the Watheeq Ajdan Real Estate Fund Company (fund managed by Watheeq Capital), for three adjacent plots within the destination.
The project will comprise three luxury residential towers offering more than 600 units, with an estimated investment of approximately SAR 1.50 billion. Ajdan Real Estate Development Company will lead the development works.
The agreement is part of the company’s new five-year strategy (2026–2030), which focuses on qualitative expansion, attracting high-quality investments, and strengthening strategic partnerships to develop integrated, sustainable urban destinations across the Western Region. It reinforces Masar Destination's position as a leading investment destination.
Commenting on the agreement, Yasser Abuateek, CEO of Umm Al Qura for Development, noted: “This agreement aligns with our strategic plan and strengthens Masar Destination’s position as one of the Kingdom’s leading investment destinations in the heart of Makkah. It reflects investors’ confidence in its promising potential and in Umm Al Qura’s ability to develop distinctive destinations that generate lasting economic and urban impact.”
For his part, Ibrahim bin Mohammed Al Alwan, Managing Director of Watheeq Capital, said: “This agreement is a strategic step toward developing a distinguished residential project in an exceptional location near the Grand Mosque. Through the Watheeq Ajdan Real Estate Fund, we look forward to delivering a premium residential offering that meets the growing demand for high-quality housing near the Holy Mosque, within an integrated urban environment that presents promising investment opportunities.”
Abdullah bin Ibrahim Al-Muhareb, CEO of Watheeq Capital, stated that the project reflects the company’s commitment to developing institutional investment opportunities founded on high-quality assets, capable partners, and a clear investment vision.
"We seek to introduce an investment model that keeps pace with Makkah’s real estate market and contributes to the growth of the investment and real estate development sectors."
Meanwhile, Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development Company, said: "We are proud to bring our development expertise to Masar Destination. We will develop luxury residential towers in accordance with the highest standards of design and quality, respecting the unique character of the location and meeting the aspirations of those seeking an exceptional residential experience in the Holy Capital."
This agreement expands Umm Al Qura for Development’s partnerships, accelerating development within Masar Destination, enhancing the supply of premium residential units, and creating integrated urban destinations that enrich the experience of residents and visitors. It also supports economic growth and strengthens Makkah’s position as a leading investment destination.
