Saudi Arabia’s Umm Al Qura for Development and Construction Company has announced that it had signed reservation agreements with a real estate fund managed by Watheeq Capital to sell 3 land plots within its Masar Destination project in Makkah for US $117mn.
The agreements cover 3 non-boulevard-facing plots in Zone 2 of the development with a combined area of 7,387sqm.
These plots are being bought by Watheeq Real Estate Opportunities Second Fund Company, a special purpose vehicle of a real estate fund managed by Watheeq Capital. The land will be developed into residential units.
Under the agreements, the fund will pay reservation deposits for the plots, with the parties planning to execute final sale agreements before the reservation period expires on 1 November 2026.
Umm Al Qura said it expects the agreements to have a positive impact on liquidity through the receipt of reservation deposits, with a further positive impact on earnings once the sales are completed or the reservation agreements expire.
