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Umm Al-Qura Company for Development and Reconstruction - Masar, listed in the Saudi market "Tadawul", announced the conclusion of a sale agreement for a plot of land located within the scope of "Masar Destination" in Mecca, with a total value of 138.98 million riyals, according to the financial disclosure issued by the company, issued on Monday on "Tadawul".
The sold plot is located in the third area from the destination of Masar, and is strategically located with a direct view of Abdullah Arif Road, and the total area of the land is about 3,217 square meters, while the price of the deal has been set to be net and not inclusive of taxes or regular fees, as the agreement stipulates that the buyer will bear all the tax costs and fees associated with the transfer and emptying.
It is noteworthy that this step comes within the framework of the implementation of the development strategy of the destination, where the signing was between the company "Enma Development II Limited", a subsidiary of the "Enma Mecca Development Fund", wholly owned by "Umm Al-Qura", and the company "Ideal Housing Development Limited", a subsidiary of "Methaq Investment Holding", and given the financial aspects of the asset in question, the total book value of the plot of land is 59.66 million riyals, which indicates the achievement of profitable capital returns compared to the agreed sale price.
The land area is 3,217 m2 and the transaction price has been set to be net and non-inclusive of taxes or regular fees
The company confirmed that the main purpose of this deal is to support the implementation of the master plan for the destination of Masar, where the company intends to develop a tower dedicated to hospitality on this space, which contributes to the strengthening of hotel and tourism infrastructure in the area surrounding the Haram Al-Sharif.
As for the expected financial impact, the company stated that this transaction will reflect positively on the levels of cash liquidity and the company’s general financial results, and the cash proceeds resulting from the sale are to finance the requirements of working capital, in addition to supporting and completing existing and ongoing projects in the destination, to ensure the continuity of construction and development operations according to the specified schedules.
It is noteworthy that this agreement was concluded on 14 Jumada I 1448H, corresponding to 25 October 2026, with emphasis on the absence of parties related to this transaction, and the absence of preferential conditions outside the usual commercial framework for such major real estate contracts.
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