Saudi Arabia: Umm Al Qura sets its sights on a new phase of growth – from Masar to an urban development worth over 50 billion riyals
Having completed the first phase of the major Masar project in Mecca and consolidated its financial position, the Saudi group is embarking on a strategy of selective expansion in the cities of Mecca, Medina and Jeddah. Investments of up to 5 billion riyals and new projects worth over 50 billion are on the table.
Saudi Arabia’s urban transformation is entering a new phase. Umm Al Qura for Development & Construction (UAQ), a company listed on the Saudi Tadawul stock exchange and the developer of Masar Destination in Mecca, has presented its 2026–2030 strategy, whilst simultaneously announcing the Masar Gardens project, a new 1.2 million square metre property development to be built in the Hindawiya West and Hindawiya South areas.
This development represents much more than the launch of a new project. For the Saudi group, it marks the transition from being a developer of a single urban destination to an integrated platform for the development of multiple destinations in the western region of the Kingdom.
A strategy centred on capital discipline
The new strategy follows the achievement of the objectives set out in the business plan launched in 2021. According to figures released by the company, the five-year period ended with revenue growing at a compound annual rate of over 60 per cent and net profits increasing by more than 45 per cent per year. At the same time, the Masar project has attracted investments of around 40 billion riyals.
The plan involves managing new property portfolios with a gross development value exceeding 50 billion riyals and additional investments of between 3 and 5 billion riyals by 2030.
Mecca, Medina and Jeddah at the heart of growth
UAQ will focus its activities exclusively on the western region of Saudi Arabia. According to management, this geographical focus allows the company to capitalise on economies of scale and established operational expertise.
The role of Vision 2030
The new strategy forms part of Saudi Arabia’s broader economic transformation programme. For Umm Al Qura, Masar will continue to represent the main strategic asset and the testing ground from which to export expertise and operational models to new urban destinations.
