| Element List | Explanation |
|---|---|
| Introduction | Umm Al Qura for Development and Construction Company (“UAQ”) announces the signing of reservation agreements to sell three plots of land with a total land area of 7,387 square meters within Zone 2 of Masar Destination in Makkah |
| Memorandum Signing Date | 2026-07-09 Corresponding to 1448-01-24 |
| Counterparty | Watheeq Real Estate Opportunities Second Fund Company (The SPV of A real estate fund managed by Watheeq Capital) |
| Memorandum Subject | In line with the development strategy for Masar Destination, UAQ Company and Al-Inma First Development Company Limited and Al-Inma Second Development Company Limited (The two SPVs for Al-Inma Makkah Development Fund I and II, all the units of both are owned by UAQ) have signed reservation agreements with Watheeq Real Estate Opportunities Second Fund Company (The SPV of A real estate fund managed by Watheeq Capital) (the "Fund") to sell three non-boulevard-facing plots of land within Zone 2 of Masar Destination for an agreed total sale value of SAR 441,098,920 detailed as follows:- Value for the first plot of land is SAR 145,001,413 Value for the second plot is SAR 143,728,049 Value for the third plot is SAR 152,369,458 For the purpose of developing residential units by the Fund. As per the reservation agreements, the Fund pays a deposit for the reservation of each plot of land with the plan to execute the final sale agreements during the duration of the reservation agreements. |
| Memorandum Duration | Valid until 01 November 2026 |
| Related Parties | None |
| Financial Impact | A positive impact on liquidity from the receipt of the deposit upon signing the reservation agreements and a positive impact on the financial results upon completing the sale transactions or the expiry of the reservation agreements |
| Additional Information | Any material developments related to this matter will be announced in due course |
Umm Al Qura for Development and Construction Company announces the signing of reservation agreements to sell three plots of land within Masar Destination
AI Summary
- Umm Al Qura for Development and Construction (UAQ) signed reservation agreements to sell three plots of land in Zone 2 of Masar Destination, Makkah, for a total value of SAR 441,098,920.
- The counterparty, Watheeq Real Estate Opportunities Second Fund Company, plans to develop residential units on the three plots, which cover a total land area of 7,387 square meters.
- The agreements are valid until November 1, 2026, and require the fund to pay deposits for each plot, with final sale agreements to be executed during the reservation period.
- UAQ expects a positive impact on liquidity from the initial deposits and a positive impact on financial results upon the completion of the sale transactions.
