Umm Al Qura for Development and Construction has created a real estate private fund worth 1.4 billion Saudi riyals (approximately US$373 million). The Umm Al Qura real estate private fund will help create mixed-use development Masar.
Umm Al Qura signed a non-binding tripartite memorandum of understanding (MoU) with Aljazira Capital and Naif Alrajhi Investment. The real estate private fund was announced in a statement to the Saudi stock exchange in July 2025.
Umm Al Qura, a Public Investment Fund (PIF) company, is offering the land plots as an in-kind contribution. Aljazira Capital will serve as the fund manager, while Naif Alrajhi will contribute as developer with a mix of cash and in-kind contributions.
The MoU is valid for six months from the date of signing or until the completion of the fund’s establishment—whichever comes first.
Umm Al Qura Development & Construction Company has operated in Jeddah for more than 20 years. The Saudi company has over 12 landmark projects, with more dynamic real estate developments planned in Jeddah and Makkah.
Masar is a forthcoming urban destination that will extend over 1.2 million square metres and combine retail, culture, hospitality, holistic mobility, entertainment, and more to enhance the quality of life of Makkah residents while also preserving the cultural heritage of the city.
In January 2025, the Saudi Capital Market Authority (CMA) announced foreign investors could invest in Saudi-listed companies that own real estate in Makkah and Madinah. The change was effective immediately.
The decision aimed to provide foreign investors with economic exposure to real estate projects in the two Saudi cities without violating existing laws governing non-Saudi real estate ownership.
