| Element List | Explanation |
|---|---|
| Introduction | Al Ramz Real Estate Company Announces the Signing of an Agreement to Establish a Shariah-Compliant Real Estate Investment Fund Al Ramz Real Estate Company announces the signing of an agreement to establish a Shariah-compliant real estate investment fund, to be managed by Oud Capital (the “Fund Manager”), for the purpose of developing the “Al Ramz Front” residential project located in Al Firdous district in Jeddah. The target fund size is approximately SAR 650 million. The Company will participate in the fund, as the landowner, with an investment of approximately SAR 81.6 million. Pursuant to the agreement, the Company will act as the developer and exclusive marketer of the project. The project aims to develop an integrated residential community comprising approximately 900 residential units, which will be sold to end beneficiaries. |
| Date of Announcement of the Award | 2026-03-31 Corresponding to 1447-10-12 |
| Contract Subject Matter | Signing of an agreement to establish a Shariah-compliant real estate investment fund, to be managed by Oud Capital, for the development of the “Al Ramz Front” residential project located in Al Firdous district in Jeddah. |
| The Entity with Which the Contract was Signed | Oud Capital (“Fund Manager”). |
| Date of Signing the Contract | 2026-03-31 Corresponding to 1447-10-12 |
| Contract Value | - Target fund size: SAR 650 million. - Development Value : approximately SAR 268.8 million. - Development fees (10%): equivalent to SAR 26.8 million. - Marketing fees (2.5%): of the total sales value. |
| Contract Details | Agreement to Establish a Shariah-Compliant Real Estate Investment Fund An agreement has been signed to establish a Shariah-compliant real estate investment fund, to be managed by Oud Capital, for the development of the “Al Ramz Front” residential project located in Al Firdous district in Jeddah. The project will be developed on a portfolio of land plots with a total area of 47,794 square meters, with a land value of SAR 215.1 million. The target fund size is approximately SAR 650 million. Al Ramz Real Estate Company will participate in the fund with an in-kind contribution valued at approximately SAR 81.6 million, representing a partial ownership of the land. Pursuant to the fund establishment agreement, the Company will act as the developer and exclusive marketer of the project. Scope of Work: - Development works: The total development contract value is estimated at approximately SAR 268.8 million. The Company will receive development fees equivalent to 10% of the development value, in addition to marketing fees of 2.5% of the total project sales. The project aims to develop an integrated residential community comprising approximately 900 residential units, reflecting the Company’s strategy to deliver high-quality residential products that meet the needs of the real estate market in Jeddah. The project is expected to contribute to strengthening the Company’s investment portfolio and supporting its sustainable growth. |
| Contract Duration | Not applicable. |
| Financial Impact and the Relevant Period | The transaction is expected to positively contribute to the Company’s financial performance during the years 2026, 2027, 2028, and 2029. |
| Related Parties | A related party transaction exists with Oud Capital, in which Al Ramz Real Estate Company holds a 25% ownership stake. This interest is represented by Abdulmalik Rasheed Alrasheed, who serves as a Board Member of both Oud Capital and Al Ramz Real Estate Company. |
| Additional Information | The Company will announce any material developments in due course. |
