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Masar awarded 6 billion riyals for Hindawiya project
Al Maqara Development and Construction Company "Masar" has announced that it has received award notifications from the Royal Commission for Mecca City and the Holy Sites to carry out the development project of the Western and Southern Heindawea areas in Mecca Province, with an initial value of up to 6 billion Riyals. The project involves developing a total area of approximately 1.15 million square meters and aims to improve infrastructure and integrate the areas as part of the "Masar" destination project, through establishing a closed real estate investment fund managed by a licensed financial entity. The project will be developed in partnership with several companies, where Mecca Construction and Development Company will bear the costs of property compensations, while Al Rajhi Real Estate Union will handle the technical and implementation aspects. Completing the award process requires fulfilling some regulatory procedures, and the final financial impact has not yet been determined.
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