Logo ofDar Al Majed Real Estate Co. (Al Majdiah)
Dar Al Majed Real Estate Co. (Al Majdiah) signed an investment agreement on Nov. 13 with Jadwa Fund 47, managed by Jadwa Investment Co., and with the landowner Abdullah Al-Qassim, to participate in the development of a premium mixed-use real estate project in Riyadh. 
Under the agreement, Al Majdiah has been appointed as the exclusive developer of the project, which will be located on King Salman Road, adjacent to the SAP Station, the company said in a statement to Tadawul, today, Nov. 16.
The company noted that the land, measuring 8,087.96 m², will be contributed as an in-kind share to the fund after completing the necessary procedures, with an estimated value of approximately SAR 259 million.
In addition, Al Majdiah holds an optional right to subscribe in cash to the fund’s units for up to SAR 50 million.
According to preliminary project studies, the total project cost is expected to reach around SAR 1 billion, and the development will include more than 350 residential units, along with commercial, administrative, and office spaces exceeding 20,000 m².
More precise details will be available after completing technical studies and obtaining the necessary permits.
Al Majdiah indicated that it will receive 15% development fees, 25% performance incentives, and 2.5% sales commissions, in addition to investment returns if it participates with SAR 50 million.
The company expects the financial impact to be reflected after the fund’s final structure is completed and the development phases commence.
A separate development agreement will be signed later, following the completion of the requirements for the in-kind contribution and fund procedures.
There are no related parties to the deal, the statement added.
Logo ofDar Al Majed Real Estate Co. (Al Majdiah)
Dar Al Majed Real Estate Co. (Al Majdiah) signed an investment agreement on Nov. 13 with Jadwa Fund 47, managed by Jadwa Investment Co., and with the landowner Abdullah Al-Qassim, to participate in the development of a premium mixed-use real estate project in Riyadh.
Under the agreement, Al Majdiah has been appointed as the exclusive developer of the project, which will be located on King Salman Road, adjacent to the SAP Station, the company said in a statement to Tadawul, today, Nov. 16.
The company noted that the land, measuring 8,087.96 m², will be contributed as an in-kind share to the fund after completing the necessary procedures, with an estimated value of approximately SAR 259 million.
In addition, Al Majdiah holds an optional right to subscribe in cash to the fund’s units for up to SAR 50 million.
According to preliminary project studies, the total project cost is expected to reach around SAR 1 billion, and the development will include more than 350 residential units, along with commercial, administrative, and office spaces exceeding 20,000 m².
More precise details will be available after completing technical studies and obtaining the necessary permits.
Al Majdiah indicated that it will receive 15% development fees, 25% performance incentives, and 2.5% sales commissions, in addition to investment returns if it participates with SAR 50 million.
The company expects the financial impact to be reflected after the fund’s final structure is completed and the development phases commence.
A separate development agreement will be signed later, following the completion of the requirements for the in-kind contribution and fund procedures.
There are no related parties to the deal, the statement added.
