New $719m mall project announced in Makkah
15 Mar 2022
Masar Mall to be jointly developed by Umm Al-Qura for Development and Construction Company and Hamat Holding, offering 130,000sqm of retail space on completion in 2026
Two Saudi companies have signed an agreement to develop and operate a 71,000sqm shopping mall in Makkah – the holy city’s largest – at an investment of SR2.7 billion ($719m).
Umm Al-Qura for Development and Construction Company, owner and executor of the project, and Hamat Holding, signed the partnership agreement for Masar Mall, which will be completed in 2026 and offer more than 130,000sqm of retail space.
The agreement, which was signed by Yasser Abu Atiq, CEO of Umm Al-Qura for Development and Construction, and Saleh Al-Habib, Hamat Holding’s chairman, provides for the development of the mall's facilities and amenities, creating many direct and indirect job opportunities.
The development is located at the western entrance of the Masar destination, a cultural project in the western part of Makkah, opposite the Haramain train station. It is also easily accessible through the Third Ring Road and King Abdul Aziz north and south roads.
The mall will feature “many specifications and advanced equipment, which reflect an exceptional value for investment, and establish unique horizons in the Kingdom’s shopping and entertainment industry”, the partnership statement said.
It added that Masar will constitute a “modern landmark with multiple capabilities and advantages” and will contribute to enhance “the quality of life for the residents of Makkah and its guests, and will provide a diversified integrated system that attracts investment in a number of basic sectors, to make Makkah an attractive destination for long-term investment”.