Saudi Arabia’s Masar Targets Investments Worth $4.5b

CEO of Saudi Arabia’s Umm Alqura for Development and Construction Yasser Abuateek
CEO of Saudi Arabia’s Umm Alqura for Development and Construction Yasser Abuateek
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Saudi Arabia’s Masar Targets Investments Worth $4.5b

CEO of Saudi Arabia’s Umm Alqura for Development and Construction Yasser Abuateek
CEO of Saudi Arabia’s Umm Alqura for Development and Construction Yasser Abuateek

Saudi Arabia’s Umm Alqura for Development and Construction (UAQ) said the cost of implementing the infrastructure development phases for the next decade and the plans necessary to develop hotel towers in Masar Makkah exceed SAR17 billion ($4.5 billion).

Masar, also known as King Abdul Aziz Road Project, was unveiled by the UAQ in mid-2020. It is one of the most prominent model development projects seeking to serve Makkah residents, visitors, and pilgrims.

UAQ CEO Yasser Abuateek revealed on Monday the partnership with Alinma Investment Company to support long-term institutional investment in the Masar destination.

He said more than 60 percent of the project’s infrastructure has been implemented so far.

The project has recently obtained a royal approval to issue four title deeds that would contribute to speeding-up the investment process in Masar.



Türkiye Submits Draft Proposal to Iraq to Renew, Expand Energy Agreement

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo
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Türkiye Submits Draft Proposal to Iraq to Renew, Expand Energy Agreement

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo

Türkiye has submitted a draft proposal to Iraq to renew and expand an energy agreement between the two countries to include cooperation in oil, gas, petrochemicals and electricity, an Iraqi oil ministry official told the state news agency late on Monday.

The statement came after Ankara announced the end of a decades-old agreement covering the Kirkuk-Ceyhan oil pipeline.

"The Ministry of Oil is in the process of reviewing the draft agreement sent by the Turkish side and negotiating with them regarding it to reach a formula that serves the interests of Iraq and Türkiye", the Iraqi oil ministry official added.

The 1.6 million barrel-per-day Kirkuk-Ceyhan pipeline has been offline since 2023 after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorized Iraqi exports between 2014 and 2018. Türkiye is appealing the ruling.

Türkiye still wants to revive the oil pipeline with Iraq, a senior Turkish official told Reuters earlier on Monday.

In a decision published in its Official Gazette on Monday, Türkiye said the existing deal dating back to the 1970s - the Türkiye -Iraq Crude Oil Pipeline Agreement - and all subsequent protocols or memorandums would be halted from July 27, 2026.

Iraq and Türkiye have been working to resume oil flows from the pipeline. Ankara said in late 2023 that the pipeline was ready to receive Iraq's oil but talks between Baghdad, Iraq's Kurdistan Regional Government and independent oil producers were not able to reach an agreement on terms.

The Turkish official said the pipeline had the potential to become a "highly active and strategic pipeline for the region".

The person added that Türkiye had invested heavily in its maintenance, and noted its importance for regional projects like the Development Road - a planned trade route involving Türkiye and Iraq.

"A new and vibrant phase for the Iraq- Türkiye pipeline will benefit both countries and the region as a whole," the Turkish official said, without giving details of what Ankara wanted the new agreement to include.

Türkiye sees the Development Road initiative - a high-speed road and rail link, running from Iraq's port city of Basrah on the Gulf to the Turkish border and later to Europe - as an opportunity to extend the pipeline further south. Baghdad allocated initial funding for the project in 2023.