Riyadh - Sharikat Mubasher: Umm Al Qura for Development & Construction company, the owner and developer of Masar destination, signed an acquisition agreement worth SAR 900 million with Scope International for real estate development, on the sidelines of Cityscape Global expo.
The acquisition agreement targets establishing residential towers in cooperation with international developers.
The agreement was signed by Yasser Abu Atiq, the CEO of Umm Al Qura company, and Abdulrahman Alswailem, the Chairman of Scope International, in the attendance of a panel of officials and representatives of both companies.
The residential towers will offer a unique housing experience using the expertise of international developers, backed by an integrated services system.
Chairman Alswailem stated that the partnership with Masar is a distinctive opportunity to offer exceptional housing experience for visitors and residents of Mecca.
Meanwhile, CEO Abu Atiq affirmed that this step will support accommodation and hospitality sectors in Mecca and contribute in improving the housing experience for Umrah performers and pilgrims.
Masar Destination, the destination partner in Cityscape Global, is a state-of-the-art integrated investment ecosystem with diverse and flexible opportunities strategically located 550 meters away from the Holy Mosque and 100 meters away from the Haramain station in the heart of Makkah.
Cityscape Global expo is taking place in Riyadh from 10 to 13 September with the title “The Future of Living” in Riyadh Exhibition & Convention Center, with the participation of more than 170 countries and 2,000 investors. It welcomes buyers, investors, designers and real estate experts from around the world.
