Umm Al Qura for Development and Construction Company has confirmed the signing of a non-binding memorandum of understanding to launch a new real estate private fund. The agreement was reached with BIM Capital and Ajbal Real Estate Development Company on 30 December 2025. This move is part of a wider plan to expand the Masar Destination in Makkah through strategic joint ventures.

The fund has a set capital target of 221,000,000 Saudi Riyals. These funds will cover the value of the land and a portion of the construction costs for new hotel units. Al-Inma First Development Company Limited is the entity representing the Al-Inma Makkah Development Fund I and is currently owned by Umm Al Qura. This subsidiary will provide the land plot for the project as an in-kind contribution.

Under the terms of the deal, BIM Capital will serve as the fund manager. Ajbal Real Estate Development Company will take the lead as the developer for the hotel units. The final ownership and participation ratios for each party will be settled once the fund is officially established. Contributions will be made through both cash injections and in-kind assets.

The memorandum is valid for a period of six months from the date of signing. It will remain in effect until the fund is fully established or the time limit expires. The parties have the option to extend this timeframe if they provide written mutual consent. This project is a key element of the ongoing urban development within the Masar Destination.