Arab News : 2020-07-01

Business News : 14 : 14

Business News

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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