14 ARAB NEWS Wednesday, July 1, 2020 Corporate PRESS RELEASES FROM THE WORLD OF BUSINESS AND COMMERCE Corporate Briefs THE BEST OF THE REST FASTFACTS REAL ESTATE PROJECT Umm Alqura unveils Masar, a new cultural destination in Makkah development vision, making it a modern landmark and cultural destination with multiple features. The project is based on an integrated infrastructure system and it strives to enhance the efficiency of services on a quantitative and qualitative level, in addition to developing public and modern transport facilities and methods to develop the main western entrance of the holy capital.” The importance of Masar lies in its position as it will receive 80 percent of Makkah’s visitors as well as more than 60 percent of vehicles arriving from Jeddah. Masar’s progression will witness the addition of retail, commercial, cultural, and government centers, and several hotels and residential units, the first batch of which will be inaugurated in 2023. International hotels such as the Kempinski, Hilton Garden Inn and Taj will be some of the first developments of the project. UAQ is a closed joint-stock company with investors from the private sector and state-owned investment funds, including the Public Investment Fund (PIF), Ministry of Finance, Public Pension Agency, the General Organization for Social Insurance, and the General Authority of Awqaf. Umm Alqura for Development and Construction (UAQ) has unveiled Masar, an upcoming destination in Makkah. The King Abdul Aziz Road is the core component of Masar, which expresses the comprehensive mobility concept by incorporating multiple routes. It includes a 3,650-meter pedestrian route separating the two directions of the main vehicle route with an 80-meter-wide road, thereby representing the natural extension of the Grand Mosque’s plazas. The destination also includes other routes, such as the Bus Rapid Transit Network route and the Makkah Metro route. Masar is one of the most prominent model development projects seeking to serve Makkah residents, visitors, and pilgrims. It also strives to fulfill the objectives of the Kingdom’s Vision 2030 to increase the number of Umrah pilgrims to 30 million by the year 2030 and improve the quality of life for Makkah residents and visitors. UAQ CEO Yasser Abuateek said: “By unveiling the identity of Masar today, we are referring to one of the largest and most significant urban development projects in the region. Its importance lies in its investment and
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