The $26.6 billion development will include a hotel, shops and restaurants.
Saudi Arabia is home to headline-hitting megaprojects. Now, it has announced the creation of the $26.6 billion Masar in Makkah. Spanning 3.5 kilometres, Masar is a multipurpose destination which includes hospitality, residential, retail, and commercial spaces.
Masar will feature 41,000 keys across hotels, which include serviced apartments. Across 330,000 square meters, there will be retail and commercial elements, which include major shopping malls and retail centres. Plus, there will be 9,000 residential units for sale.
Masar will include a pedestrian-friendly boulevard, which offers a safe and serene route for pilgrims on their way to Al Haram Mosque. Designed with comfort in mind, the boulevard will be lined with greenery, fountains, and public art installations. Along the path, it will include prayer areas, restrooms and food options.
Masar is aimed at locals as well as tourists, and the aim is to create a community. It will not only cater to the needs of pilgrims but also the daily lives of local residents. Sustainability is also at the heart of the development. Features include rainwater harvesting, solar energy, and energy-efficient lighting.
Chairman of Umm Al Qura, Abdullah Saleh Kamel, said: “I am deeply grateful to our wise leadership for their efforts in supporting the development of Makkah in alignment with Vision 2030’s goals to accommodate the growing number of pilgrims and visitors. Our IPO offers institutional and retail investors a highly compelling opportunity to invest in the development of Masar, a landmark project in the Kingdom. As we look to the future, our listing will be a key step in executing our strategy to maximise shareholder value.”
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GO: Visit www.masardestination.com.sa for more information.