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Element List	Explanation
Introduction	Banan Real Estate Company announces the signing of a memorandum of understanding with Artal Capital and Mr. Rakan Al-Tasan
Memorandum Signing Date	2025-12-25 Corresponding to 1447-07-05
Counterparty	Artal Capital and Mr. Rakan Al-Tasan
Memorandum Subject	A private real estate investment fund, compliant with Sharia principles and licensed by the Capital Market Authority, has been established to acquire a 3,278.8 square meter of land in the Al-Rahmaniyah district, owned by its subsidiary, Qimam Noshoz Real Estate Development Company. According to the memorandum of understanding signed by the parties, the following has been agreed upon: 1- The development of a hospitality project on the land. 2- The appointment of Banan Real Estate Company as the exclusive developer and marketer of the project, responsible for development, supervision of execution, and marketing according to the approved plan. 3- The appointment of Artal Capital as the manager of the real estate investment fund. 4- The fund's in-kind contributions will be divided equally between the subsidiary, Qimam Noshoz Real Estate Development Company, and Mr. Rakan Ibrahim Al-Tassan.
Memorandum Duration	This agreement shall be valid for 3 months from the date of its signing, and may be renewed with the written consent of all parties.
Related Parties	None
Financial Impact	The expected positive financial impact will become apparent upon the actual commencement of the project, and will be reflected in the revenue generated from development work for Banan Real Estate Company.

Banan Real Estate Co. announces signing a Memorandum of Understanding with Artal Capital and Mr. Rakan Al-Tasan