Asas Makeen Real Estate Development and Investment Co. Announces Contract Sign Off with Middle East Financial Investment Company (MEFIC Capital), in its capacity as the Fund Manager, and Binaa Altharawat Financial Investment Company, in its capacity as the Distributor.

Asas Makeen signed a framework agreement with MEFIC Capital and Binaa Altharwat to establish a private real estate investment fund for a development project in the Al Hamra District of Riyadh.
The fund has an initial target size of approximately SAR 73.4 million and will develop two land plots totaling 3,834 square meters with an agreed valuation of SAR 30.672 million.
Asas Makeen will provide an in-kind contribution representing 30% of the land value, while receiving development fees of 10% of total costs and brokerage fees of 2.5% of the land value.
The agreement is valid for 90 days or until the fund is established, with a positive financial impact expected to reflect in the company's results during 2026 and 2027.

Element List	Explanation
Introduction	Asas Makeen Real Estate Development and Investment Company announces the signing of a framework agreement with Middle East Financial Investment Company (MEFIC Capital), in its capacity as the fund manager, and Binaa Altharwat Financial Investment Company, in its capacity as the distributor, for the purpose of establishing a private real estate investment fund to develop land owned by the Company located in Al Hamra District, Riyadh, with an initial target fund size of approximately SAR 73.4 million.
Date of Announcement of the Award	2026-07-07 Corresponding to 1448-01-22
Contract Subject Matter	A framework agreement for cooperation between the parties for the purpose of establishing a private real estate investment fund to develop land owned by the Company in Al Hamra District, Riyadh.
The Entity with Which the Contract was Signed	Middle East Financial Investment Company (MEFIC Capital), in its capacity as the Fund Manager, and Binaa Altharawat Financial Investment Company, in its capacity as the Distributor.
Date of Signing the Contract	2026-07-07 Corresponding to 1448-01-22
Contract Value	The target fund size is approximately SAR 73,441,020. The parties also agreed that the value of the land subject of the agreement shall be SAR 30,672,000, excluding Real Estate Transaction Tax and brokerage fees, provided that the Company will participate in the fund through an in-kind contribution representing 30% of the land value based on the agreed valuation, while the remaining portion of the land value will be paid in cash as will be determined in the final sale and purchase agreement. The framework agreement also provides that the development fees shall be 10% of the total development costs, and the brokerage fees shall be 2.5% of the land value, with the details of entitlement and calculation mechanism to be subject to the final development agreement.
Contract Details	The framework agreement includes cooperation between the parties to establish a private real estate investment fund for the purpose of developing land owned by the Company in Al Hamra District, Riyadh, with a total area of approximately 3,834 square meters, comprising two land plots. Pursuant to the agreement, Middle East Financial Investment Company (MEFIC Capital) will establish the appropriate investment structure for the fund, prepare its documents, and complete the relevant regulatory requirements. Binaa Altharawat Financial Investment Company will distribute the fund units, while Asas Makeen will participate in the fund through an in-kind contribution representing 30% of the land value based on the agreed valuation. The details relating to the transfer of land ownership, development works, and the mechanism for the entitlement of development fees shall be governed by the relevant final agreements.
Contract Duration	The agreement shall remain valid for a period of 90 days from the date of its signing or until the completion of the fund establishment procedures, whichever occurs first, and may be extended by written agreement between the parties.
Financial Impact and the Relevant Period	The financial impact of the agreement is expected to positively reflect on the Company’s financial results during 2026 and 2027, following the completion of the fund establishment procedures and the execution of the relevant final agreements, and in line with the progress of the project works and the fulfillment of the relevant regulatory requirements.
Related Parties	None
Additional Information	It should be noted that this agreement is a framework agreement that regulates the preliminary principles and arrangements for establishing the fund. All final details relating to the establishment of the fund, the transfer of land ownership, and the development works shall be subject to the terms and conditions of the fund and the relevant final agreements. The Company will disclose any material developments or updates in accordance with the applicable laws and regulations.