Makkah: The CEO of Umm Alqura for Development and Construction Company, Mr. Yasser Abuateek, expressed his heartfelt thanks and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz - may Allah protect them - for the issuance of the royal decree to issue four title deeds for the King Abdul Aziz Road Project (MASAR) in Makkah, which confirms the rulers’ great interest in the Holy Capital’s vital projects.
Abuateek emphasized that this great interest and support from the leadership reflect the importance of “MASAR” aiming to contribute to sustainable development within the programs of Saudi Arabia’s Vision 2030, improve the quality of life of the residents and visitors of Makkah, and enhance the services provided to Hajj and Umrah pilgrims. He also thanked the Royal Commission for Makkah City and Holy Sites and the State Properties General Authority for their efforts in supporting the issuance of unified title deeds for the “MASAR” destination.
The unified title deeds, considered a substitute for all the title deeds of the 3,626 properties on which the project is based, are an effective mechanism and a regulatory tool for the concerned authorities to address the obstacles facing mega projects. The issuance of the unified title deeds also marks the first step towards completing MASAR’s initial public offering (IPO) and attracting investments. The unified title deeds will have a role in encouraging the private sector to be a part of and contribute to development projects, by strengthening the current and future funding capacity aimed at accelerating the project completion pace and providing a long-term and safe investment environment.
Abuateek highlighted the importance of the royal decree to issue four title deeds for the MASAR destination, which focuses on integrated infrastructure development based on the concept of comprehensive mobility. He noted that the royal decree will promote the destination that aims to create a development environment by introducing the concept of real estate investment collateral and pave the way for investment opportunities for operators of Hajj and Umrah services, as well as in the hotel and residential sectors and business centers.
Abuateek added that “MASAR” destination sets itself apart from other traditional real estate development projects by focusing on implementing an integrated development structure based on a unique infrastructure established for the next 100 years, including service facilities that extend over the entire destination, thus providing fully equipped lands for development by the developer or investors.
It is worth highlighting that MASAR - whose core component is King Abdul Aziz Road - is considered a modern signature landmark and an urban destination with multiple features and potential. Located in the western part of Makkah and spans a total area of 1.25 million square meters, MASAR is 3,650 meters long and 320 meters wide, starting from the border of the Third Ring Road at the entrance of the Makkah-Jeddah Highway from the west, and passes the First Ring Road at the western border of Jabal Omar, outside the perimeter of the Holy Mosque. The destination includes a pedestrian walkway, utility gallery and other routes such as the Bus Rapid Transit Network route and the Makkah Metro route, as well as car parks and bridges connecting the destination to the strategically important western entrance of Makkah.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
