Red Sea International Company announces The handover of the land and completion of all procedures for approving the investment contract with Al-Madinah Al-Munawwarah Municipality

Element List	Explanation
Introduction	With reference to the announcement of Red Sea International Company (the “Company”) published on the Tadawul website on 07/05/1447H corresponding to 29/10/2025G regarding the award of a lease contract to invest in land in Al-Madinah Al-Munawwarah from the Al-Madinah Region Municipality, the Company announces that the land has been handed over and completion of all procedures required to approve the investment contract with the Al-Madinah Region Municipality through the Furas platform. The Company further clarifies to its shareholders that the effective date of the contract, the commencement of contractual obligations, and the contract term shall be as of the date of the land handover report issued by the Municipality, dated (16-01-1448)H corresponding to (01-07-2026)G, which shall be considered the final approval to commence the contractual relationship after settlement of the invoices and electronic acceptance of the contract draft.
Date of Announcement of the Award	2025-10-29 Corresponding to 1447-05-07
Project Subject Matter	Land investment to construct, operate and maintain a mixed-use development on the allocated plot.
The Entity with Which the Project was Signed	Al-Madinah Al-Munawwarah Municipality
Date of Signing the Project	2026-07-01
Project Value	SAR 161,946,022 (ex-VAT) representing the total rent value over the fifty years lease contract period
Project Details	Al-Madinah Al-Munawwarah Municipality is leasing to the Company a plot of land located at the intersection of Omar Bin Al-Khattab Road and Abdul Harith Bin Zaid Al-Dhabi Road in Madinah, with a total area of 63,088sqm for a period of (50) fifty years as investment to construct, operate and maintain a mixed-use development on the allocated plot.
Project Duration	fifty years effective from the land handover date
Financial Impact and the Relevant Period	The financial impact of this contract was reflected in the first quarter of the 2026 fiscal year, following the commencement of development and operation works at the handed-over site
Related Parties	There are no related parties.
Additional Information	The Company will announce any developments in this regard in accordance with applicable regulations