Rawajeh Holding signed a land investment agreement covering a plot in Zone Two of Masar Destination with Umm Al Qura for Development and Construction, the owner, developer, and operator of the destination, to develop a residential tower comprising around 250 residential units, with a total investment estimated at nearly SAR 500 million.
This investment embodies Rawajeh Holding’s vision as an integrated investment entity that combines the real estate and investment sectors to create sustainable opportunities balancing rewarding returns with added value for the community. It comes in line with the company’s motto, “We Precede Tomorrow,” and its drive to expand its presence in strategic locations across the Kingdom. Investing in the Holy City marks a distinctive addition to its portfolio, contributing to meeting the growing demand for high-quality residential units in Makkah and supporting the development momentum the city is witnessing, in fulfillment of the goals of Saudi Vision 2030.
In this context, Eng. Aqeel Al-Rajhi, CEO of Rawajeh Group, said: “This agreement represents a continuation of our role in developing distinctive, strategic projects, and reflects our confidence in Masar Destination as one of the most prominent urban development destinations in Makkah. Through the (Masar Rawajeh) project, we aspire to deliver an exceptional residential product that befits the stature of the Holy City and meets the aspirations of its residents and visitors.”
For his part, Mr. Yasser bin Abdulaziz Abu Ateek, CEO of Umm Al Qura for Development and Construction, said: “This agreement affirms investors’ confidence in the strengths of Masar Destination and its promising opportunities in the heart of Makkah, and underscores our commitment to attracting investments that create sustainable value and contribute to transforming the destination into a vibrant urban ecosystem that meets the needs of Makkah’s residents and visitors.”
The (Masar Rawajeh) project enjoys a prime location within Masar Destination, one of the most prominent urban projects in Makkah — an integrated, modern destination combining residential, hospitality, retail, and services, supported by advanced infrastructure and modern facilities — enhancing quality of life and reinforcing Makkah’s standing as a global destination for residents, visitors, and investors.