MAKKAH: Umm Al Qura for Development & Construction Company, the owner, developer and operator of Masar Destination, has announced the award of two development projects at the Hindawiya West and Hindawiya South sites, located adjacent to Masar Destination.

The projects have been awarded to a consortium consisting of Umm Al Qura for Development & Construction Company, Makkah Construction and Development Company, and Rajhi United Real Estate Company. Covering a combined area of approximately 1.2 million square meters, the developments will be launched under the name Masar Gardens.

The announcement coincides with the launch of the company’s new five-year strategy for 2026–2030, marking a significant shift in its business model. Under the new strategy, the company aims to evolve from a single-destination developer into a multi-destination urban development platform serving the western region of Saudi Arabia.

The strategy is designed to strengthen the company’s ability to manage a diversified portfolio of urban and investment destinations across Makkah, Jeddah and Madinah while creating long-term economic and social value.

The company stated that the new plan builds on the successful completion of its 2021–2026 strategy, which guided its institutional transformation over the past five years. During this period, Masar Destination’s core infrastructure was completed, the project entered its operational phase, and the company expanded its financial, investment and operational capabilities.

These achievements were further supported by the company’s listing on the Saudi Exchange (Tadawul), which enhanced investor confidence and positioned it for a new stage of expansion focused on sustainable growth and value creation.

Between 2021 and 2026, the company reported strong financial performance, including annual revenue growth exceeding 60 percent and net profit growth of more than 45 percent. Operating cash flows surpassed SR2 billion during the latest fiscal year, while development investments attracted to the destination reached nearly SR40 billion. The company also established more than 30 strategic partnerships and strengthened its governance framework.

Under the new strategy, Umm Al Qura plans to focus on selective and sustainable expansion rather than increasing project numbers alone. The company intends to develop high-quality urban destinations across Makkah, Madinah and Jeddah while maintaining a targeted geographic focus that supports operational efficiency and resource optimization.

The strategy also includes managing an additional development portfolio valued at more than SR50 billion and deploying new capital investments estimated between SR3 billion and SR5 billion during the strategy period.

In addition, the company will adopt a flexible operating model that allows it to act as a master developer or participate as a strategic partner and development manager, depending on project requirements and investment criteria.

Umm Al Qura emphasized that Masar Destination will remain the centerpiece of its future portfolio, with expansion and development plans continuing according to approved programs. The project will serve as the foundation for launching future urban destinations that support economic growth and improve quality of life.

Commenting on the announcement, CEO Yasser Abdulaziz Abuateek said the new strategy represents a major milestone in the company’s evolution, enabling it to move from capability building to carefully planned expansion.

He noted that the company intends to create sustainable value for communities, investors and urban environments through a governance-driven growth model that supports long-term development across western Saudi Arabia.

The strategy reinforces Umm Al Qura’s commitment to supporting Saudi Vision 2030 through the development of integrated urban destinations that enhance quality of life, attract investment and contribute to sustainable economic growth.