Umm Al-Qura sells land at Masar for 251.8M riyals

Al Maakar Development and Reconstruction Company announced the completion of the sale of a land parcel within the "Misar" area in the "Misar" destination, for a total value of approximately 251.77 million SAR. The land is situated on King Abdulaziz Road, covering an area of 3,341 square meters, and will be developed into an hospitality tower by East Capital Fund Company. The deal was finalized after completing the procedures for updating the land subdivision plan. The book value of the land is estimated at around 124 million SAR, with expectations that the transaction will improve liquidity and enhance the financing needed for current projects within the destination, aiming to support the company's operations and develop the area.

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