Masar signs SAR 220.6M land sale agreement

The land plot overlooks the southern section of King Abdulaziz Road in Makkah.

Umm Al Qura for Development and Construction Co. (Masar) said it signed an agreement with Numu Real Estate Co. to sell a land plot in Zone 2 of Masar Destination, overlooking the southern section of King Abdulaziz Road, for the development of a hospitality tower.

The deal is valued at SAR 220.6 million, according to a statement to Tadawul.

The agreement was signed on Sept. 21, 2026, and the land plot spans 3,835.31 square meters.

The transaction will have a positive impact on liquidity and financial results, with the proceeds to be used to finance working capital and existing projects.

Masar signed a reservation agreement with Numu in October 2025 to sell a 3,835.31-sqm land plot within Masar Destination for an agreed sale price of SAR 220.6 million, data compiled by Argaam showed.

Since its listing on the Main Market, Masar has sold and signed reservation agreements to sell several land plots within the Masar Destination project in Makkah, as detailed in the following table:

According to the prospectus, the company aims to sell 111 out of the 205 land plots it owns. It also plans to lease 28 properties, develop 14 properties on its own, and jointly develop 52 properties with strategic partners.