MASAR hosts ICCIA delegates and showcases investment opportunities over the next 100 years
Umm Al Qura for Development and Construction, owner and developer of MASAR in Makkah, hosted a delegation of Islamic Chamber of Commerce, Industry and Agriculture, Dec. 17th, to highlight the destination’s attractive investment potential, strategic location, and world-class infrastructure.
Abdullah Saleh Kamel was the chairman of the delegation, which included 50 members from the Islamic chamber. The MASAR Exhibition Tour opened the visit. During this tour, the delegates were shown the projects urban model experience and investment map overview. They also got to see the progress made to date. A short video highlighting MASAR City Center’s unique location next to Holy Mosque as an ideal destination was also presented to the delegation. MASAR’s outstanding infrastructure was highlighted, which is being built to meet the most recent standards. This will allow it to thrive over the next 100 years.
The visitors were presented with information about MASAR’s wide range of investment opportunities in sectors such as accommodation, food and beverages, hospitality, and mobility. The event presented the destination’s potential to be a smart urban destination as well as an investment ecosystem that offers long-term sustainable returns. It also highlighted its unique competitive advantages and its goal to improve the experience for Makkah’s residents and pilgrims by providing world-class services in accordance with the highest international standards.
Kamel stated: We are happy that the ICCIA delegations visited MASAR. It gave us the opportunity to see the transformation in Makkah. The vision of the wise leaders in the Kingdom to develop the city is evident in the project. We also recognize that MASAR aims at becoming a desirable destination for international and local investors seeking safe, sustainable, and lucrative returns.
Yasser Abateek, CEO at UAQ, stated: We are delighted that the distinguished Islamic chamber delegation visited MASAR. They were impressed by the progress of the development works and the potential for investment in the destination. MASAR’s innovative concept and integrated infrastructure are poised to transform urban life and commerce. It has been ranked as one of the most attractive destinations for institutional investments in the Kingdom because of its strategic location, high-risk nature and its importance.
The MASAR destination, which is located in Makkah’s western part, covers an area of 1.25million sum. It focuses on implementing an integrated development system that is based on comprehensive mobility. The project measures 3,650m in length and 320m wide. It starts at the Makkah–Jeddah Highway’s entrance from the west and continues to the First Ring Road at Jabal Omar’s western border. It is outside the Holy Mosque. The project’s remarkable features include a 3.65 km-long pedestrian boulevard, numerous service tunnels and pedestrian pathways, ample parking, a Metro system that is state-of the-art, and a Bus Rapid Transit Network. Once complete, MASAR is home to world-class residential units and hotels. There will also be a variety of retail, dining, cultural attractions, government centers and open public spaces.
The Umm Al Qura Development and Construction Company is the owner and developer of MASAR. It is a closed joint stock company that shares a developmental vision with shareholders from the private and state-owned investment funds, such as the Public Investment Fund, General Organization for Social Insurance, and others. The company’s long-term investment plans include 58 hotels and 59 residential buildings, 82 apartment hotels, and several commercial centers. These are located on a total land area of 690,000.000 sqm.