MAKKAH, September 2019: Umm Al Qura for Development and Construction has announced the appointment of Mr. Yasser Abuateek as company CEO. Abuateek holds more than 20 years of expertise in the financial and real estate sectors and is the founder of a major real estate company in the Kingdom. In addition, he has longstanding experience in corporate and retail banking.
Abuateek will play a pivotal role in leading the company, which has started to develop Masar Destination, one of the largest real estate development projects in Makkah. Spanning 1.25 million square meters, the project is expected to transform the fields of transport and development in the capital and effectively contribute to facilitating the transport of pilgrims and visitors. Masar will include housing units, hotels, centers, retail shops, government service centers and metro stations, in addition to being right next to Haramain High-Speed Railway station.
Masar destination is designed to appeal to different lifestyles in Makkah by providing easier and more varied options for transport, shopping and residences. What distinguishes Masar from other developments in Makkah is it provides the city’s real estate market with lands for sale or investment in prime locations with fully developed infrastructure in-line with international standards.
Umm Al Qura For Development and Construction was established through an important national public private partnership to help achieve the national goals of increasing the number of pilgrims and visitors in line with Saudi’s 2030 vision. It will become the main channel for a range of development projects in Makkah, primarily the area surrounding the Holy Mosque.