Saudi-based Umm Al Qura for Development and Construction Company has signed a reservation agreement with Arabian Dyar Real Estate for the sale of a plot of land with a land area of 3,061.58 sq m within Masar Destination in Makkah for SAR91.8 million ($24.4 million).

This comes in line with the development strategy for Masar Destination, said Umm Al Qura for Development and Construction Company in its filing to Saudi bourse Tadawul.

As per the reservation agreement, the Investor pays a deposit for the reservation of the plot of land with the plan to execute the final sale agreement during the duration of the reservation agreement. The prime plot will be used for developing residential units, it stated. 

Umm Al Qura said it will have a positive impact on liquidity from the receipt of the deposit upon signing the reservation agreement and a positive impact on the financial results upon completing the sale transaction or the expiry of the reservation agreement.

The reservation agreement is valid until November 18, 2026, it added.-TradeArabia News Service