Riyadh – Mubasher: Dar Al Majed Real Estate Company (Al Majdiah) inked a real estate development agreement with the Jadwa Al Maqar Real Estate Fund for the Mishraf Al Majdiah project in Madinah.
The contract, valued at a maximum of SAR 185 million, involves the development of 296 residential units, comprising 66 villas and 230 apartments, within the Al Hadra district.
Under the terms of the 24-month agreement, Al Majdiah will serve as the developer, overseeing design, planning, and construction supervision for the first phase and the central area’s general site.
The total contract value includes SAR 158.12 million in direct costs and SAR 26.88 million in indirect costs. The company is also responsible for marketing and sales activities, for which it will receive development fees and performance-based incentives.
The financial impact of the project is expected to be reflected in the company’s financial statements throughout the implementation period, with revenue recognized based on completion rates.
The company noted a potential conflict of interest as Board Member and Acting CEO Abdulsalam bin Abdulrahman Al Majed also serves on the board of the Jadwa Al Maqar Real Estate Fund.
In August, the listed company inked a SAR 395.80 million deal with Real Estate Investment Fund 9 for a residential project in Makkah.
