On June 25, 2026, First Avenue for Real Estate Development Co. announced the signing of a framework agreement on June 24, 2026, with The Royal Commission for Makkah City and Holy Sites and Jadwa Investment as Fund Manager for the East Hindawiyah Project development in Makkah. The consortium, comprising First Avenue (45% stake), Dar Al Majed Real Estate Company (35% stake), and Rekaz Real Estate Company (20% stake), will receive a development fee of 15% of actual project costs, a performance incentive of 14% on returns exceeding the Fund's 8% target IRR, and a 2.5% sales commission on project sales value. The 180-day agreement establishes the framework for developing the informal settlement area, supporting urban development in Makkah and aligning with Saudi Vision 2030 objectives.

Original announcement:

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