On June 25, 2026, Almajdiah Real Estate Company announced the signing of a framework agreement on June 24, 2026, for the development of the Eastern Hindawiyah Area Project in Makkah City with the Royal Commission for Makkah City and Holy Sites and consortium partners including Aljadah Al Oula Real Estate Development Company and Rakaz Real Estate Company. The consortium will receive a development fee of 15% of the project's actual costs, a performance incentive of 14% above the fund's target IRR of 8%, and a brokerage fee of 2.5% of project sales value. Almajdiah holds a 35% ownership share in the development consortium, with the agreement establishing the legal framework for this key developmental project in Makkah City. The agreement is expected to have a positive financial impact on the company during project development phases, though the precise value and timing cannot currently be determined.

Original announcement:

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