Latest news with #UmmAlQura
Zawya
10-07-2025
- Business
- Zawya
Saudi: Umm Al Qura pens sale deal for Masar Destination project
Riyadh - Umm Al Qura for Development and Construction penned a sale agreement for two land plots with a combined area of 5,368 square meters within the Masar Destination project in Makkah, according to a bourse disclosure. With an investment exceeding SAR 235 million, the company inked the contract with Wijhat Albait Real Estate Company, the SPV for Wijhat Albayet Fund, which is managed by Dinar Company, on 8 July 2025. The deal, which has an asset book value of SAR 132.39 million, is expected to positively impact the company's liquidity and financial results. Meanwhile, the proceeds of the asset's sales will be used to finance working capital and ongoing projects. Umm Al Qura recently signed a tripartite deal to launch a real estate private fund, with an estimated capital of SAR 1.40 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Arab News
09-07-2025
- Business
- Arab News
Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains
RIYADH: Saudi Arabia's Tadawul All Share Index dropped marginally on Wednesday, shedding 16.34 points or 0.14 percent to close at 11,277.73. The total trading turnover of the benchmark index was SR5.48 billion ($1.46 billion), with 140 of the listed stocks advancing and 109 declining. The Kingdom's parallel market Nomu, gained 104.43 points to close at 27,448.22. The MSCI Tadawul Index edged down by 0.27 percent to 1,445.25. The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm's share price increased by 8.62 percent to SR26.70. The share price of Saudi Real Estate Co. also rose by 7.68 percent to SR20.89. Retal Urban Development Co. also saw its share price advance by 6.62 percent to SR16.10. On the announcements front, Alinma Bank said that it completed the issuance of US dollar-denominated sukuk worth $500 million, under its Trust Certificate Issuance Program. According to a press statement, the sukuk issue is expected to settle on July 15. The share price of Alinma Bank declined by 1.19 percent to SR26.68. Jahez International Co. for Information System Technology announced that it has signed an agreement to acquire a 76.56 percent stake in Snoonu Corporation Holding LLC, a Qatari-based technology and logistics firm that operates an e-commerce and on-demand delivery platform. In a press statement, the company revealed that it will acquire 8.14 million shares, representing 75 percent of Snoonu's share capital, from existing shareholders for $225 million. Jahez will also subscribe to 723,960 newly issued shares in Snoonu, representing 1.56 percent of the stake, for $20 million. The share price of Jahez edged up by 1.11 percent to SR27.44.
Reuters
08-07-2025
- Business
- Reuters
Major Gulf bourses subdued on US tariff uncertainty
July 8 (Reuters) - Major Gulf stock markets were subdued in early trade on Tuesday with investors exercising caution over U.S. trade policies after President Donald Trump announced steep import levies on several trading partners and pushed the tariff deadline to August 1. Although Trump spared Gulf economies, he had earlier announced plans to impose an additional 10% tariff on countries aligning with the "anti-American policies" of the BRICS bloc, which includes the UAE. Saudi Arabia attended a BRICS meeting in April, but isn't a member. Oil prices - a catalyst for the Gulf's financial markets - retreated from a 2% rise in the previous session on tariff concerns and the OPEC+ announcing a higher-than-expected output hike for August. Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, hit by a 0.8% fall in ACWA Power Company ( opens new tab and a 1.1% drop in Umm Al Qura for Development and Construction Co ( opens new tab. Dubai's main share index (.DFMGI), opens new tab fell 0.6% - a day after it hit its highest in over 17 years - with blue-chip developer Emaar Properties ( opens new tab declining 1.1% and a sharia-compliant lender Dubai Islamic Bank ( opens new tab losing 1.2%. In Abu Dhabi, the index (.FTFADGI), opens new tab was flat. The Qatari benchmark (.QSI), opens new tab added 0.4%, with Qatar Islamic Bank ( opens new tab climbing 1% and petrochemical maker Industries Qatar ( opens new tab gaining 1%. Meanwhile, Egypt's stock exchange said it had suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, a day after a fire broke out in a telecoms data centre in Cairo.
Zawya
01-07-2025
- Business
- Zawya
Retal to set up real estate fund to build $160mln residential tower in Makkah
Retal Urban Development Company will establish a closed real estate fund to develop a Residential tower within Masar destination in Makkah at the cost of 600 million Saudi riyals ($160 million). The developer has signed a memorandum of understanding with Watheeq Capital to establish the fund, Retal said in a statement to the Saudi stock exchange on Tuesday. The tower will have 28 floors, housing nearly 200 units. Masar development is situated 2.5 km from the Holy Mosque and near the Haramain high-speed rail station in Makkah. The MoU has a duration of 60 days and can be extended mutually. The project is expected to have a positive impact on the company's results from 2026 to 2029, the statement said. Earlier on Tuesday, Umm Al Qura for Development and Construction Company signed a non-binding tripartite memorandum of understanding to set up a SAR1.4 billion ($373.29 million) real estate private fund for developing hospitality, residential, and commercial units on two land plots within the Masar destination. (Editing by Anoop Menon) (
Argaam
01-07-2025
- Business
- Argaam
Retal, Watheeq Capital sign MoU to launch real estate fund for Makkah residential tower
Retal Urban Development Co. signed on June 30 an MoU with Watheeq Capital to launch a closed-ended REIT fund valued at SAR 600 million to develop a 28-story residential tower within the Masar destination in Makkah. The agreement is valid for 60 days and can be extended once with mutual consent, according to a statement on Tadawul. The project will include around 200 residential units and is located 2.5 km from the Grand Mosque, near the Haramain High-Speed Railway station. Retal expects the development to positively impact its financial results between 2026 and 2029, adding that no related parties are involved in the MoU. Umm Al Qura for Development and Construction Co., owner and operator of the Masar destination, recently sold a 2,359.27 sqm land plot within the project for SAR 145.33 million, excluding taxes and fees. The buyers were Alinma 1st Development Ltd. Co.—a special purpose vehicle (SPV) holding the units of the Alinma Makkah 1st Development Fund, fully owned by Masar—and Watheeq Retal Roya Al-Haram Real Estate Fund managed by Watheeq Capital, according to Argaam 's data.
