Riyadh, Saudi Arabia — Umm Al-Qura for Development and Construction, the owner, developer, and operator of the Masar destination, has announced a major new investment agreement with Alpha Capital Company.
Under this partnership, both parties will invest over SAR 800 million in developing a luxury residential tower within the Masar destination, adding 180 high-quality residential units. The agreement was signed on the sidelines of the 2nd edition of Cityscape Global in Riyadh, where Masar participated as a destination partner.
This new project builds on Alpha Capital’s previous investment exceeding SAR 600 million in another residential tower within Masar, bringing the company’s total investments in the destination to SAR 1.4 billion.
Commenting on the agreement, Moaz Al-Naeem, Chief Investment Officer at Alpha Capital, said:
“The expansion of our investments in Masar is driven by the significant demand for luxury residential units in Makkah. With this agreement, we aim to address this demand by developing high-quality residential units in a strategic location supported by an integrated infrastructure.”
From his side, Yasser Abuateek, CEO of Umm Al-Qura for Development and Construction Company, stated:
“Alpha Capital’s expanding investments in Masar reflect their growing confidence in the destination’s potential to deliver quality investment opportunities. This new cooperation underscores our commitment to developing diverse real estate products that meet investors’ aspirations, while enhancing our ability to attract capital and create an integrated investment environment that improves the quality of life for Makkah residents and visitors.”
Meanwhile, Ahmed Al-Saud, CEO of Reakan Company Limited, said:
“We are delighted to participate as a real estate developer in this new venture with Alpha Capital Company. This partnership continues our successful collaboration and forms part of our strategy to meet the growing demand for quality real estate in the city of Makkah. Given that Masar is one of the most significant real estate projects in the Kingdom, we are excited to be part of this partnership to implement promising projects that serve pilgrims and enhance their experience.”
It is worth noting that Masar is an urban destination with a developmental and investment vision, adopting the highest international standards in destination development. The project aims to enhance the quality of life for Makkah’s residents and visitors, offering superior facilities and services, along with an integrated and diverse investment ecosystem — drawing the “path for the future of Makkah.”
