Arab News, Tuesday, Jan 04, 2022 | Jamada Al-Aakhirah 01, 1443
Saudi companies sign agreement to develop largest mall in Makkah by 2026
Saudi Arabia:
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.