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First Avenue for Real Estate Development Company signed an agreement with Jadwa Al-Shorfa Real Estate Fund to develop "Capital Avenue – Al Rayyan," a mixed-use project in Riyadh.
The company will receive a development fee of 15% of actual project costs, which are estimated at SAR 185 million excluding VAT.
The project covers a land area of 38,950 square meters with a total built-up area of 110,738 square meters; a building permit has already been issued.
The contract duration is 30 months from the date a project contractor is appointed, with a positive financial impact expected to begin in the first half of 2026.

Element List	Explanation
Date of Announcement of the Award	2026-03-05 Corresponding to 1447-09-16
Contract Subject Matter	First Avenue is pleased to announce its appointment as the developer of a mixed-use project (commercial / residential / office) on a land area of 38,950 square meters located in Al Rayyan District in Riyadh. The project benefits from a strategic location along major road networks at the intersection of the Eastern Ring Road and Makkah Al-Mukaromah–Khuris Road. It is worth noting that the building permit has been issued, and the total built-up area amounts to 110,738 square meters.
The Entity with Which the Contract was Signed	Jadwa Al-Shorfa Real Estate Fund
Date of Signing the Contract	2026-03-05 Corresponding to 1447-09-16
Contract Value	The development fee amounts to 15% of the actual project costs, estimated at SAR 185 million, excluding the value added tax.
Contract Details	The scope of the agreement includes the execution of the project works in accordance with the approved plans, which include: • Preparation of detailed architectural designs • Supervision of construction works • Marketing of the project This agreement represents a continuation of the Company’s expansion strategy, which focuses on investing in promising real estate opportunities located in highly attractive and strategic locations.
Contract Duration	30 months from the date of appointing the project contractor.
Financial Impact and the Relevant Period	The positive financial impact is expected to be reflected in the Company’s results starting from the first half of 2026. Any material developments will be announced in due course.
Related Parties	Board Member Mr. Nader Hassan Al-Amri is one of the investors in Jadwa Al-Shorfa Real Estate Fund.
Attached Documents	Attached Documents

Announcement by First Avenue for Real Estate Development Company on the Signing of a Development Agreement for a Mixed-Use Project (Capital Avenue – Al Rayyan) with Jadwa Al-Shorfa Real Estate Fund