Umm Al Qura signs deal to sell three prime Makkah residential plots for $118mln

Summary:

Umm Al Qura for Development and Construction Company has signed reservation agreements with a Watheeq Capital-managed real estate fund to sell three land plots in Makkah's Masar Destination project. The plots, totaling 7,387 sq m, will be developed into residential units. Watheeq Real Estate Opportunities Second Fund Company, a special purpose vehicle of the fund, will pay reservation deposits, with final sale agreements expected before November 1, 2026. Umm Al Qura anticipates positive liquidity impacts from the deposits and further earnings upon completion of the sales.