Tuesday 22 September 2020

Saudi developer Umm Al Qura names new CEO

RIYADH, September 18, 2019

Umm Al Qura for Development and Construction, a major Saudi group involved in the development projects in and around Makkah, has announced the appointment of Yasser Abuateek as its new chief executive officer.

An industry veteran, Abuateek has more than 20 years of expertise in the financial and real estate sectors and is the founder of a major real estate company in the kingdom. In addition, he has vast experience in corporate and retail banking sector.

In his new position, Abuateek will play a pivotal role in leading the company, which has started to develop the mega King Abdulaziz Road Project.

One of the largest real estate development projects in Makkah, King Abdulaziz Road Project will include housing units, hotels, retail shops, government service centres and metro stations, in addition to being right next to Haramain High-Speed Railway station, said a statement from the company.

The 3.6-km-road extends from the borders of the Third Ring Road at the entrance of the Makkah Jeddah Highway from the west until the First Ring Road (the Jabal Omar Project) and spans a total of 1.25 million sq m.

The project is expected to transform the fields of transport and development in the capital and effectively contribute to facilitating the transport of pilgrims and visitors, it stated.

The project is designed to appeal to different lifestyles in Makkah by providing easier and more varied options for transport, shopping and residences.

What distinguishes King Abdulaziz Road Project from other developments in Makkah is it provides the city’s real estate market with lands for sale or investment in prime locations with fully developed infrastructure in-line with international standards, said the statement.

Umm Al Qura For Development and Construction was set up as a public private partnership (PPP) venture to help achieve the national goals of increasing the number of pilgrims and visitors in line with Saudi’s 2030 vision.-TradeArabia News Service


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