The upcoming urban development, called Masar, will see the introduction of thousands of hotel and residential units in Makkah over multiple stages of completion.
While the first phase of the project will focus on the infrastructure and road projects, future parts of this development will highlight retail, hotel and residential segments. The upcoming scheme is owned and also being developed by Umm Alqura for Development and Construction (UAQ), which is a closed joint-stock company with such investors as the Public Investment Fund, Ministry of Finance and the Public Pension Agency amongst others.
Yasser Abuateek, CEO of UAQ said: “By unveiling the identity of Masar, we are referring to one of the largest and most significant urban development projects in the region. Its importance lies in its investment and development vision, making it a modern landmark and cultural destination with multiple features.
“The project is based on an integrated infrastructure system and it strives to enhance the efficiency of services on a quantitative and qualitative level, in addition to developing public and modern transport facilities and methods to develop the main western entrance of the holy capital.”
