Umm Al Qura for Development and Construction Company has announced that Al Inma First Development Company Limited and Al Inma Second Development Company Limited have awarded contracts worth SAR4.01 billion ($1.1 billion) for two superstructure development projects "Packages A and B" within its premium destination Masar.
The scope of work for the contractors - Mounes Mohammed Elshayeb and Partners for Civil Construction Company (MOBCO) and BEC Arabia Contracting Company - includes seven hospitality towers and two shopping centres being developed on 8 plots of land within the mega Saudi development.
The SPVs for Al Inma Makkah Development Fund I and Al-Inma Makkah Development Fund II are all the units of both funds that are owned by Umm Al Qura for Development and Construction Company.
The contract value for Package A is nearly SAR3.2 billion, while that of Package B is worth SAR899 million.
Package A consists of four hospitality towers and two commercial centers being developed on six plots of land in zone 1 of Masar Destination.
