On July 2, 2026, Red Sea International Company announced the handover of land and the completion of all procedures required to approve its investment contract with Al-Madinah Al-Munawwarah Municipality, originally awarded on October 29, 2025. The contract, signed on July 1, 2026, grants the Company a 50-year lease on a 63,088 sqm plot located at the intersection of Omar Bin Al-Khattab Road and Abdul Harith Bin Zaid Al-Dhabi Road in Madinah, with a total rent value of SAR 161,946,022 (ex-VAT) over the lease period. The purpose of the investment is to construct, operate, and maintain a mixed-use development on the allocated plot, with the effective date of the contract commencing from the land handover report dated July 1, 2026. The financial impact of this contract was reflected in the first quarter of the 2026 fiscal year.

Original announcement:

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