Dar Al Majd Wins SAR 2bn Makkah Development Project

ALMAJDIAH

ALMAJDIAH

4326.SA

0.00

On June 1, 2026, Dar Al Majd Real Estate Company announced it received a project award notice for developing the Eastern Al-Hindawiya site in Makkah as part of a consortium with First Avenue Real Estate Development Company (45%) and Rikaz Real Estate Company (20%), with Dar Al Majd holding a 35% stake. The project, awarded by the Royal Commission for Makkah City and Holy Sites on May 31, 2026, has an estimated total cost of approximately SAR 2 billion and covers 235 thousand square meters located 1.8 km from Al-Masjid Al-Haram. The mixed-use development will include residential, commercial, office and hospitality activities, managed through a real estate investment fund by Jadwa Investment Company, with contract signing expected on June 10, 2026.

Original announcement:

https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95728&anCat=1&cs=4326&locale=ar

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