AlZamel Real Estate acquires tower in Masar Destination

Roger Pettingell Sarasota Real Estate

Um Al-Qura Development and Construction Company, owner and developer of Masar Destination, and AlZamel Real Estate Development Company, have signed an agreement under which AlZamel will become the owner of one of the luxury residential towers overlooking Masar Front.


The value of the deal has been put at SR500 million ($133.12 million).


The signing of the agreement took place between Um Al-Qura Development and Construction Company’s CEO Yasser Abuateek and AlZamel Real Estate Development Company Chairman Abdul Hamid Abdullah AlZamel. 


AlZamel said the acquisition is in line with the aspirations of AlZamel Real Estate Development, as it is keen to provide the highest levels of real estate services and the development of luxury residential solutions. 


AlZamel company will be developing supreme residential apartments for sale that are worthy of the distinctive and upscale Masar Destination, the statement said.


Abuateek expressed his company’s eagerness for the agreement with AlZamel Real Estate stressing its keenness to support the hospitality sector and Masar Destination’s efforts to seek development of a distinguished residential experiences that meet the requirements of Makkah residents and visitors.


Masar is an urban destination with a development and investment vision that adopts the highest environmental and community sustainability standards. -TradeArabia News Service


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