Masar Shareholders Elect New Board for Four-Year Term

Shareholders of Umm Al Qura for Development and Construction Co., known as Masar, approved the election of board members for a new four-year term. The vote took place at the company's ordinary general assembly, the firm said in a statement.

Masar is a Saudi joint-stock company focused on real estate development in Mecca. Its flagship project is the Masar Destination, a large mixed-use development near the Grand Mosque. The company also owns and manages hotels and commercial properties in the holy city.

Board elections at Saudi developers are typically procedural. They can signal shifts in strategy, especially when new members join. The company did not disclose changes to the board composition in the filing. The new board will serve until 2029.

The election comes as Saudi Arabia's real estate sector expands under the Vision 2030 plan. Masar's projects align with the government's goal to increase tourism capacity in Mecca. The company has been accelerating development of the Masar Destination, which includes hotels, residential units, and retail space.

The new board's term begins immediately, the company said.