| Element List | Explanation |
|---|---|
| Introduction | Dar Al Majd Real Estate Company announces that it has received a project award notice for the development of the Eastern Al-Hindawiya site in Makkah, as part of the consortium comprising Dar Al Majd Real Estate Company, First Avenue Real Estate Development Company, and Rikaz Real Estate Company, under the supervision of the Royal Commission for Makkah City and Holy Sites. This project falls within the objectives of developing unplanned areas in Makkah, contributing to enhancing quality of life and achieving sustainable urban development. |
| Date of Award | 2026-05-31 Corresponding to 1447-12-14 |
| Counterparty | The Royal Commission for Makkah City and Holy Sites. |
| Project Value | The estimated total project cost is approximately SAR 2 billion, including land acquisition costs and infrastructure development, excluding potential superstructure works. |
| Expected Date for Signing the Contract | 2026-06-10 Corresponding to 1447-12-24 |
| Project Details | The project is located in the Eastern Al-Hindawiya area in Makkah, approximately 1.8 km from Al-Masjid Al-Haram. The project land area is approximately 235 thousand square meters. The project aims to develop an integrated mixed-use urban destination comprising residential, commercial, office and hospitality activities. The project will be developed through a real estate investment fund managed by Jadwa Investment Company. The consortium participation percentages are as follows: Dar Al Majd Real Estate Company 35%, First Avenue Real Estate Development Company 45%, and Rikaz Real Estate Company 20%. Subject to completion of the relevant procedures and implementation, the project is expected to contribute to enhancing the Company’s project portfolio and supporting its presence in high-quality urban development projects, in line with the Company’s strategy to capture promising real estate opportunities in strategic locations. |
| Related Parties | Mr. Abdulsalam bin Abdulrahman Al Majed, Board Member and Acting Chief Executive Officer, has an indirect interest in the project through his membership on the Board of Directors of First Avenue Real Estate Development Company, one of the consortium members. |
| Additional Information | The Company will announce any material developments or significant updates related to the project in due course. |
Dar Al Majd Real Estate Company announces receipt of a project award notice for the development of the Eastern Al-Hindawiya site in Makkah, as part of a consortium that includes the Company
AI Summary
- Dar Al Majd Real Estate received a project award notice for the development of the Eastern Al-Hindawiya site in Makkah, with an estimated total project cost of approximately SAR 2 billion.
- The project will be developed by a consortium comprising First Avenue Real Estate Development (45%), Dar Al Majd (35%), and Rikaz Real Estate (20%), with the contract signing expected on June 10, 2026.
- The 235,000 square meter mixed-use development is located 1.8 km from Al-Masjid Al-Haram and will be managed through a real estate investment fund by Jadwa Investment Company.
- Acting CEO and Board Member Abdulsalam bin Abdulrahman Al Majed holds an indirect interest in the project through his membership on the board of consortium partner First Avenue.
