On July 19, 2026, Banan Real Estate Co. announced that its Board of Directors, in a decision dated July 16, 2026, approved the establishment of a simplified joint-stock subsidiary with a capital of SAR 44,075,000, in which Banan Real Estate Co. will hold a 60.47% stake. The remaining shares will be distributed among seven investors, including several related parties such as the Chairman of the Board, a major shareholder, and the CEO of a subsidiary. Mr. Majed Abdullah Al-Nasser, CEO of Banan Real Estate Company, has been appointed as General Manager of the new subsidiary. The new entity's primary purpose is to acquire and develop land and engage in real estate development and investment activities, in line with Banan Real Estate Co.'s strategy to expand its real estate projects and strengthen its investment asset portfolio, with its financial statements to be consolidated upon completion of incorporation procedures in accordance with IFRS adopted in Saudi Arabia.

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