Al Majdiah had signed agreements under a cost-plus model.
Dar Al Majed Real Estate Co.’s shareholders approved during the ordinary general meeting (OGM) the transactions and contracts concluded with Jadwa Al-Manzel Real Estate Fund, relating to the development, execution, management, and marketing of residential tower projects in Riyadh’s King Fahd, Irqah, and Hittin districts. 
In a statement to Tadawul, the company said the first agreement covers the development, execution, management, and marketing of a residential tower project in Riyadh’s King Fahd district under a cost-plus model, with an estimated development cost of SAR 115.46 million and a duration of 42 months.
The company added that it also signed two agreements under the same cost-plus model for projects in Riyadh’s Irqah and Hittin districts, with estimated development costs of SAR 65.4 million and SAR 85.08 million, respectively. Both projects have a duration of 36 months. Al Majdiah pointed out that board members Khalid Al Majed, Abdulsalam Al Majed, Nasser Al Majed, and Majed Al Majed, as well as committee members Hossam Al Majed and Mohammed Al Majed, have indirect interests in these transactions. It noted that the contracts were concluded in the ordinary course of business and without any preferential terms.
Al Majdiah had signed agreements under a cost-plus model.
Dar Al Majed Real Estate Co.’s shareholders approved during the ordinary general meeting (OGM) the transactions and contracts concluded with Jadwa Al-Manzel Real Estate Fund, relating to the development, execution, management, and marketing of residential tower projects in Riyadh’s King Fahd, Irqah, and Hittin districts.
In a statement to Tadawul, the company said the first agreement covers the development, execution, management, and marketing of a residential tower project in Riyadh’s King Fahd district under a cost-plus model, with an estimated development cost of SAR 115.46 million and a duration of 42 months.
The company added that it also signed two agreements under the same cost-plus model for projects in Riyadh’s Irqah and Hittin districts, with estimated development costs of SAR 65.4 million and SAR 85.08 million, respectively. Both projects have a duration of 36 months. Al Majdiah pointed out that board members Khalid Al Majed, Abdulsalam Al Majed, Nasser Al Majed, and Majed Al Majed, as well as committee members Hossam Al Majed and Mohammed Al Majed, have indirect interests in these transactions. It noted that the contracts were concluded in the ordinary course of business and without any preferential terms.
