Yasser Abuateek, chief executive of Umm Alqura for Development and Construction (UAQ) — the owner and developer of the Masar destination in Makkah — has expressed gratitude and thanked King Salman and Crown Prince Mohammed bin Salman, for a recent royal decree to issue four title deeds for the upcoming project. The royal directive, Abuateek said, confirms the rulers’ great interest in the holy city’s vital development projects.
Abuateek added that the support from the leadership reflects the importance of Masar, also known as King Abdul Aziz Road Project, and its role in contributing to sustainable development in line with the programs of Saudi Vision 2030, improving the quality of life of the residents and visitors of Makkah, and enhancing 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 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 megaprojects. The issuance of the unified title deeds also marks the first step toward 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 safe, long-term investment environment.
Abuateek said that Masar 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.
“Masar 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,” Abuateek said.
Masar — whose core component is King Abdul Aziz Road — is considered a modern signature landmark and an urban destination with multiple features. Located in the western part of Makkah and spanning a total area of 1.25 million square meters, 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.
