Makkah’s hospitality landscape is preparing for a remarkable transformation as local developers commit SAR2.5 billion ($666.6 million) to the ambitious Masar project. The collaboration between Umm Al-Qura for Development and Construction Co. and the kingdom’s General Authority of Awqaf (GAA) will redefine the city’s hospitality sector with a focus on religious tourism infrastructure.
Masar destination expansion
The agreement, inked during the Hajj and Umrah Services Conference and Exhibition 2024, outlines plans for a distinctive hospitality project in Makkah. The collaboration aims to introduce over 1,000 new hotel rooms and suites to the province, enhancing its accommodation offerings.
Makkah’s Deputy Governor, H.R.H Prince Saud bin Abdul Muhsin Al Saud, presided over the signing ceremony, underscoring the significance of the partnership. Additionally, Yasser Abuateek, CEO of Umm Al-Qura for Development and Construction Co.; and H.E. Imad Al-Kharashi, governor of GAA led attendees with notable figures present, including Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah.
Economic and social development
Beyond expanding accommodation options, the collaboration will yield substantial returns on endowment assets. The project aligns with the broader goals of driving economic and social development in the region. Moreover, it focuses on enriching the guest experience at the Masar destination.
The Masar project also supports the objectives of Saudi Vision 2030. It seeks to contribute to the kingdom’s economic diversification goals, enhance the quality of life in Makkah, and support the hospitality sector. Therefore, the development underscores its pivotal role in realizing the broader vision for the nation.
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Urban vision of development
Masar represents more than just a hospitality project in Makkah. It embodies an urban vision of development and investment, setting high standards in the industry. The project is successfully attracting institutional investment partnerships. Hence, this aligns with the kingdom’s strategy to diversify the hospitality sector and support national economic development plans.
Notably, Umm Al-Qura’s announcement in September 2023 revealed an agreement with Scope Properties for the construction of residential towers in Makkah. This SAR900 million project, developed in coordination with private sector investors and state-owned funds, further solidifies the commitment to Makkah’s urban growth.
As Makkah is positioning itself for a new era in hospitality, the collaborative efforts between Umm Al-Qura and GAA thus mark a significant milestone. The SAR2.5 billion investment into the hospitality sector not only addresses the immediate need for enhanced accommodation but also lays the foundation for Makkah’s sustained economic and social development, aligning with the forward-looking goals of Saudi Arabia’s Vision 2030.
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