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Umm Al Qura Signs MoU for Real Estate Fund

MT Newswires·12/31/2025 01:31:44
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01:31 AM EST, 12/31/2025 (MT Newswires) -- Umm Al Qura for Development and Construction Co (SASE:4325) signed a non-binding memorandum of understanding to form a real estate private fund to develop hotel units at the Masar project in Makkah, Saudi Arabia. The six-month memorandum was signed with BIM Capital and Ajbal Real Estate Development Co, according to a Wednesday filing. The fund will have a capital target of 221 million Saudi riyals, equivalent to the land value and a portion of the development cost for the hotel units. BIM Capital will serve as the fund manager, with Ajbal Real Estate as the developer.