🇸🇦 Umm Al Qura to Launch $373 Million Real Estate Private Fund for Masar Development in Makkah 🏗️

🇸🇦 Umm Al Qura to Launch $373 Million Real Estate Private Fund for Masar Development in Makkah 🏗️

Umm Al Qura for Development and Construction Company, listed on the Saudi stock exchange, has signed a non-binding MoU with Aljazira Capital and Naif Alrajhi Investment to establish a SAR 1.4 billion ($373 million) real estate private fund.

📍 Location:

The fund will develop hospitality, residential, and commercial units within the Masar destination, a major mixed-use project in Makkah.

📌 Key Details:

• Aljazira Capital will act as fund manager

• Naif Alrajhi Investment will be the developer

• Umm Al Qura will contribute land plots as an in-kind stake, with the developer adding both cash and in-kind contributions

⏳ The MoU is valid for six months from signing or until the fund is formally established.

📈 Outlook:

This step supports growth in Makkah’s urban and hospitality landscape, aligned with Saudi Arabia’s broader vision for real estate and infrastructure expansion in key cities.