Riyadh – Mubasher: Umm Al Qura for Development and Construction Company (MASAR) has announced a significant milestone in the redevelopment of Makkah’s urban landscape following the signing of framework agreements for the Hindawiyah West and Hindawiyah South projects.
The agreements were signed on 24 June 2026 to formalize the partnership between the Royal Commission for Makkah City and Holy Sites and a high-profile development consortium, according to a bourse filing.
This move marks the transition from the initial project award phase to the formal execution and structuring stage for two of the city's major residential and commercial development zones.
The disclosure follows the initial project award announced on 1 June 2026. Under the newly signed framework, Umm Al Qura for Development will collaborate with consortium partners including Makkah Construction and Development Company and Al Rajhi United Real Estate Company.
The agreements establish the legal and operational foundations required to advance the development of the Hindawiyah West and Hindawiyah South sites, which are central to the ongoing modernization efforts within the holy city.
A primary component of the framework involves the appointment of Umm Al Qura for Development as the exclusive developer and marketer for the projects. This designation grants the company comprehensive oversight of the development lifecycle, from master planning to the eventual commercialization of the properties.
The framework also outlines the primary terms and conditions governing the development process, ensuring that the consortium adheres to the strategic objectives set forth by the Royal Commission.
Financial structuring remains a critical element of the agreements. The documents detail the procedures for structuring the investment fund that will finance the redevelopment, alongside the specific mechanisms for appointing a fund manager.
This structured approach is intended to ensure transparency and institutional-grade management of the capital required for such large-scale urban interventions.
The company clarified that the signing of these framework agreements is a fulfillment of the regulatory and contractual requirements necessitated by the previous award notices.
While the consortium members have been finalized and the roles defined, the specific financial impact on Umm Al Qura for Development cannot be accurately measured at this current stage. The company has committed to disclosing any further material developments as the project progresses toward the construction and fund-activation phases.
It is worth noting that Almajdiah Real Estate Company penned a framework agreement for the Eastern Hindawiyah area in Makkah.
