Al-Zamel and Masar Destination seal $133 Mn acquisition deal

  • Al-Zamel Company is slated to build a supreme residential apartment range for sale suitable for Masar Destination’s upscale and distinctive design.

Masar Destination, owner and developer of the development and construction company Umm Al-Qura, reportedly signed an acquisition deal with Al-Zamel, a real estate development company, on Monday. According to the agreement, Al-Zamel is to become the entitled owner of Masar Front at a value of around $133 million (SR500 million).

Yasser Abuateek, CEO of Umm Al-Qura, and Abdul Hamid Abdullah, Al-Zamel’s Board Chairman, inked the agreement. Expressing their satisfaction, Al-Zamel said that the acquisition is perfectly in line with the high aspirations of Al-Zamel as Masar Destination will provide the highest levels of real estate services with the development of luxury residential solutions. In addition, Al-Zamel is set to provide supreme residential apartments for sale to Masar Destination.

Abuateek further talked about his company’s willingness to complete the acquisition deal with Al-Zamel. Conveying positive support for the hospitality sector, he appreciated Masar Destination’s efforts to pursue the development of a prominent residential experience that fulfills the requirements of Makkah residents and visitors.

Being an urban destination with an investment and development vision, Masar follows the highest sustainability standards regarding the environment and community. Masar aims to create a unique landmark that provides an enhanced quality of life to the people visiting and residing in Makkah with a variety of offerings and capabilities. Its diverse and integrated ecosystem draws investment in many crucial sectors and distinguishing facilities and services can make Makkah an appealing destination for investors.

Located in Makkah, the heart of Islamic culture, the Masar project comprises the new development of over 1.2 million square meters connected with a central pedestrian boulevard that leads to the Grand Mosque.

The Masar project is a ground-breaking urban development plan offering connectivity through Grand Pedestrian Boulevard to Haram. The facility is surrounded by hotels, retail and commercial facilities, car parking, residential buildings, public amenities, and public spaces to support social, religious, and commercial activities among Hajj and Umrah pilgrims and other visitors and residents.

 

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Puja More

Puja More holds a graduate degree in Computer Science from the University of Pune. Nurturing her passion of playing with words however, Puja undertook content writing as a career path and boasts of rich experience in content production, copywriting, and digital marketing. Presently, Puja writes articles on technology, business, and healthcare for playthemusic.biz and a few similar portals.