JEDDAH: Officials in Saudi Arabia have signed an agreement to develop and operate the largest mall in the holy city of Makkah, Saudi Press Agency reported on Monday.
The partnership agreement for the Masar Mall will involve Umm Al-Qura for Development and Construction Company, owner and executor of the project, and Hamat Holding.
Work is set to be completed in 2026 with an investment volume of SR2.7 billion ($719 million).
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 mall will be developed over a 71,000 square-meter area and will provide more than 130,000 square meters of shopping space.
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.
Masar will constitute a modern landmark with multiple capabilities and advantages, it added.
“It will contribute to enhancing 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,” the statement said.