US $719mn will be invested into a new shopping destination according to Saudi-based developer Umm Alqura for Development & Construction Company. The 71,000sqm Masar Mall is due for completion in 2026, the firm said.
In its statement, the company explained that it sealed a strategic partnership deal with Saudi-based Hamat Holding for the development of Masar Mall. Located on the western entrance to the Masar Destination, opposite the Haramain train station, the retail development will provide more than 130,000sqm of shopping space, suitable for various activities.
“Masar is a modern destination with a developmental and investment vision, and when it ends it will constitute a modern landmark with multiple capabilities and advantages. It will contribute to enhancing the quality of life for the residents of Makkah and its guests, and will provide a diversified integrated system that attracts investment in a number of basic sectors, to make Makkah an attractive destination for long-term investment,” said a spokesman for Umm Alqura for Development & Construction Company.
The mall will feature many specifications and advanced equipment, which reflect an exceptional value for investment, and establish unique horizons in the Kingdom’s shopping and entertainment industry, the statement concluded.
In June 2020, Umm Alqura for Development and Construction launched Masar, following which it said that advanced infrastructure, an integrated transportation system, and digital and innovative systems will enhance the quality of life and enrich the experience of pilgrims in Makkah. In March 2022, the company signed a $798mn agreement for construction 10 new residential towers at Masar.
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