Riyadh – Mubasher: Umm Al Qura for Development and Construction Company received two letters of award from the Royal Commission for Makkah City and Holy Site for a development project with an estimated cost of SAR 6 billion.
The company will join a consortium including Makkah Construction and Development Company and Al Rajhi United Real Estate Company to develop the infrastructure for the Hindawiya West and Hindawiya South sites, according to a bourse filing.
A fund manager will also be appointed to establish and manage a private closed-ended real estate investment fund, in accordance with the rules and regulations of the Capital Market Authority (CMA).
Under the agreement, Umm Al Qura will act as the consortium leader and development manager. Its contribution will consist of cash and in-kind contributions, representing the development premium, development management fees, and naming rights, all of which will be defined in the final agreements.
On the other hand, Makkah Construction will serve as the financial partner, responsible for funding the cash compensations to property owners.
Al Rajhi United Real Estate will act as the technical partner through its role in executing the development works and bearing its financial commitments in exchange for units in the fund, the details for which will be determined in the final agreements.
In the first quarter (Q1) of 2026, Umm Al Qura generated net profits after tax valued at SAR 44.93 million, while Makkah Construction achieved sales totaling SAR 251.40 million.
