8 hours ago
Saudi: Umm Al Qura signs $38.66mln sale agreement
Riyadh – Umm Al Qura for Development and Construction penned a sale agreement for a plot of land with a land area of 2,671 square meters within Masar Destination in Makkah Al Mukarrama.
The company signed the contract with Jazeel Al-Bina'a Company, the SPV for a real estate fund managed by Sedco Capital, at SAR 145.12 million on 14 August, according to a bourse statement.
Meanwhile, the asset book value stands at SAR 76.51 million.
Umm Al Qura entered into the transaction in line with its development strategy for Masar Destination through the establishment of a residential tower by the buyer.
The deal is expected to have a positive impact on the Tadawul-listed company's liquidity and financial results, with the proceeds utilized to finance its working capital and ongoing projects.
In the six-month period that ended on 30 June 2025, Umm Al Qura generated sales valued at SAR 1.17 billion.
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