Al Rajhi Capital, OSUS to Develop 3 Makkah Towers for SAR 1B

Al Rajhi Capital, in partnership with Umm Al Qura for Development and Construction Co. (Masar) and OSUS Real Estate Co., has bought land within the Masar Destination project in Makkah’s third zone. The three residential towers will cost nearly SAR 1 billion, the companies said in a joint statement Monday.

Masar Destination is one of the largest urban development projects in the holy city, mixing residential and commercial components with hospitality. It sits close to the Grand Mosque, which draws millions of pilgrims each year. The project is part of Saudi Arabia's Vision 2030 push to expand religious tourism and upgrade infrastructure around the holy sites.

Yasser Abuateek, CEO of Masar, said the agreements mark a new milestone in the development journey of Masar Destination. "They reflect investor and partner confidence in the opportunities offered by the project," he added. "We remain committed to developing an integrated destination that enhances quality of life while supporting economic and urban development in the Holy Capital."

Hossam Al Basrawi, CEO of Al Rajhi Capital, said the deal reflects his firm's commitment to structuring high-quality investment opportunities that generate sustainable value. "Masar Destination represents an attractive long-term real estate investment opportunity, aided by its strategic advantages and exceptional location in the heart of Makkah," he said.