Riyadh – Mubasher: State Properties General Authority signed an acquisition of shares agreement with Um Al-Qura Development and Construction Company, owner and developer of Masar Destination in Makkah, in exchange for their private real estate, which exceeds an area of 160,000 square meters pursuant to Royal Decree No. (44133) dated 5/8/1442 AH. The agreement was signed by the Authority's Deputy Governor for Regulatory and Legal Affairs, Hamzah AlAskar, and Um Al-Qura CEO, Yasser Abuateek.

Governor of the State Properties General Authority, H.E. Ihsan bin Abbas Bafakih, commented stating: "This agreement comes within the framework of the Authority's strategic work to raise its productive and economic efficiency through innovative solutions, one of its most important goals is to use the state's lands and real estate for development, and to provide financial solutions for fiscal positions of the economy.”

H.E. expressed appreciation to the work behind the success of the destination in the past period resulting to outstanding implementation in line with the plan.

Meanwhile, Mr. Yasser Abuateek, CEO of Um Al-Qura Company, welcomed the acquisition and agreement with the State Properties General Authority. He also praised the latter by highlighting the solutions created in the organizational challenges that faced several giga development projects, giving Masar – the 100-billion-riyal destination as an example of finding innovative solutions, where comprehensive sukuk initiative was a solution that eliminated problems of overlapping private and public properties and the lack of ownership titles for some properties located within the scope of the project.