First Avenue Signs SAR 83M Mixed-Use Development Agreement

FIRST AVENUE

FIRST AVENUE

9610.SA

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First Avenue for Real Estate Development Company announced on May 3, 2026 the signing of a development agreement with North Star Real Estate Fund for a mixed-use project (North Star Avenue) on April 30, 2026. The project will be developed on a 10,442.8 square meter plot in Al Arid District, Riyadh, with a development fee of 13% of actual project costs expected to be approximately SAR 83 million excluding VAT. The 24-month contract covers architectural design, construction supervision, and marketing, with positive financial impact expected from the first half of 2027. This agreement supports the company's expansion strategy through its "Tanmiah" program to develop high-quality real estate projects in strategic locations.

Original announcement:

https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=94894&anCat=1&cs=9610&locale=ar

Attached PDF document link:

https://www.saudiexchange.sa/Resources/fsPdf/23633_6346_2026-05-03_09-40-13_en.pdf

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