State Properties General Authority signed a shares acquisition agreement with Um Al-Qura Development and Construction Company, owner and developer of the upcoming Masar Destination in Makkah, in exchange for their private real estate, which exceeds an area of 160,000 square meters pursuant to Royal Decree No. 44133 dated March 18, 2021. The agreement was signed by the authority’s Deputy Governor for Regulatory and Legal Affairs Hamzah Al-Askar and Um Al-Qura CEO Yasser Abuateek
Governor of State Properties General Authority Ihsan bin Abbas Bafakih said: “This agreement comes within the framework of the authority’s strategic work to raise its productive and economic efficiency through innovative solutions; one of its most important goals is to use the state’s lands and real estate for development, and to provide financial solutions for fiscal positions of the economy.” He expressed appreciation for the work behind the success of Masar in the past period resulting in outstanding implementation of the plan.
Meanwhile, Abuateek welcomed the shares acquisition agreement with the State Properties General Authority. He also praised the latter by highlighting the solutions created for the organizational challenges faced by several giga-development projects. Abuateek said Masar — the SR100-billion destination — is an example of the implementation of innovative solutions, where the comprehensive sukuk initiative was a solution that eliminated problems of overlapping private and public properties and the lack of ownership titles for some properties located within the scope of the project.
