Riyadh - Mubasher: Umm Al Qura for Development and Construction, the owner, developer and operator of Masar Destination, plans to launch a real estate private fund with an estimated capital of SAR 1.40 billion.

The company penned a tripartite memorandum of understanding (MoU) with Naif Alrajhi Investment and Aljazira Capital for the project, according to a press release.

The fund will handle the development of a hotel and residential units within the Masar destination.

Yasser Abdulaziz Abuateek, CEO of Umm Alqura, said: “It [partnership] aligns with and supports our vision to develop the hospitality sector and enrich the experience of both visitors and residents by offering diverse accommodation options."

On his part, Naif Al-Misnad, CEO and Managing Director of Aljazira Capital, commented: "Signing this MoU in preparation for  launching a new investment fund supports our efforts to diversify our investment portfolio and expand strategic partnerships in the real estate sector, which we view as a key driver of economic growth and sustainable development."

The development scheme aims to enhance the quality of life for Makkah's residents and visitors through high-quality facilities and services, while offering an integrated and diverse investment ecosystem.

The listed group recently sold a land plot deal within the Masar project in Makkah Al-Mukarramah at a value of SAR 255.76 million.