On August 5, 2026, Dar Al Majdiah Real Estate Company announced the signing of a real estate development agreement with Alistithmar Real Estate Fund 9, dated August 4, 2026, under which Al Majdiah will serve as master developer for two residential towers located in Zone 1 of Masar Destination in Makkah, on a land plot of approximately 6,614 square meters. The total estimated contract value is SAR 395,800,000 (excluding VAT), with a duration of 30 Gregorian months commencing from the date of issuance of the building permit. The scope of work encompasses planning, design, development, supervision, contractor and consultant management, as well as marketing and sales of project units. Notably, the contract involves a related-party element, as Board Member and Acting CEO Mr. Abdulsalam bin Abdulrahman Al Majed serves on the board of Alistithmar Real Estate Fund 9 as the Company's representative, and Al Majdiah holds a 16.6% stake in the Fund.

Original announcement:

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