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Element List	Explanation
Date of Announcement of the Award	2026-04-30 Corresponding to 1447-11-13
Contract Subject Matter	First Avenue for Real Estate Development Company is pleased to announce the signing of a development agreement for a mixed-use project (commercial/residential/office) with North Star Real Estate Fund, managed by Dinar Investment Company. The project will be developed on a land plot with an area of 10,442.8 square meters, located in Al Arid District in Riyadh. The project features a prime strategic location on King Abdulaziz Road, one of the main arterial roads connecting the northern and southern parts of Riyadh. It is also near several key roads and vital facilities, including King Fahd Road and Abu Bakr Al-Siddiq Road, which enhances its investment attractiveness.
The Entity with Which the Contract was Signed	North Star Real Estate Fund
Date of Signing the Contract	2026-04-30 Corresponding to 1447-11-13
Contract Value	The development fee amounts to 13% of the actual project costs, which are expected to be approximately SAR 83 million, excluding value-added tax (VAT). The final cost will be determined upon completion of the approved studies and detailed design plans.
Contract Details	The scope of the contract includes the execution of the project in accordance with the approved plans, covering: • Preparation of detailed architectural designs • Supervision of construction works • Marketing of the project The signing of this contract represents one of the outcomes of the “Tanmiah” program previously launched by the Company, which aims to develop and invest in promising real estate opportunities in strategic locations with high value addition. This agreement reflects the Company’s continued execution of its expansion strategy, focused on strengthening its presence in the real estate market through the development of high-quality projects.
Contract Duration	24 months from the date of completion of the approved design drawings.
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 2027.
Related Parties	None
Attached Documents	Attached Documents

Announcement of First Avenue for Real Estate Development Company on Signing a Development Agreement for a Mixed-Use Project (North Star Avenue) with North Star Real Estate Fund