Logo ofUmm Al Qura for Development and Construction Co. (Masar)
Umm Al Qura for Development and Construction Co. (Masar) signed a reservation agreement to sell a plot of land with a land area of 3,835.31 square meters (SQM) within Masar Destination in Makkah for a total price of SAR 220.6 million. 
In a statement to Tadawul, the company said that in line with the development strategy for Masar Destination, Al-Inma First Development Co. Limited (The SPV for Alinma Makkah Development Fund I, all units of which are owned by Masar) signed a reservation agreement with Numu Co., the investor, to sell a plot of land within Masar destination with the purpose of developing hospitality units.
As per the reservation agreement, the investor pays a deposit for the reservation of the plot of land with the plan to execute the final sale agreement during the duration of the reservation agreement.
The deal is valid for 12 months from the signing date, Sept. 30, the company noted, expecting a positive impact on liquidity from the receipt of the deposit upon signing the reservation agreement and on the financial results upon completing the sale transaction or the expiry of the reservation agreement.
Any material developments related to this matter will be announced, the statement added.
Logo ofUmm Al Qura for Development and Construction Co. (Masar)
Umm Al Qura for Development and Construction Co. (Masar) signed a reservation agreement to sell a plot of land with a land area of 3,835.31 square meters (SQM) within Masar Destination in Makkah for a total price of SAR 220.6 million.
In a statement to Tadawul, the company said that in line with the development strategy for Masar Destination, Al-Inma First Development Co. Limited (The SPV for Alinma Makkah Development Fund I, all units of which are owned by Masar) signed a reservation agreement with Numu Co., the investor, to sell a plot of land within Masar destination with the purpose of developing hospitality units.
As per the reservation agreement, the investor pays a deposit for the reservation of the plot of land with the plan to execute the final sale agreement during the duration of the reservation agreement.
The deal is valid for 12 months from the signing date, Sept. 30, the company noted, expecting a positive impact on liquidity from the receipt of the deposit upon signing the reservation agreement and on the financial results upon completing the sale transaction or the expiry of the reservation agreement.
Any material developments related to this matter will be announced, the statement added.
