First Avenue for Real Estate Development Co. Announces Contract Sign Off with Industrial Avenue Real Estate Fund

The signing ceremony of the agreement took place during the Future of Real Estate Forum, in which the Company participated as a Platinum Sponsor.

• Preparing the business plan for the project and supervising the preparation of the industrial city master plan;

• Obtaining the required statutory licenses from the relevant authorities;

• Appointing the project contractor(s); and

• Marketing the project.

In view of the significance and materiality of this event, the Company has disclosed the signing of the agreement despite the absence of a defined term for the agreement, as the necessary statutory licenses required to commence the infrastructure development works had not been fully issued by the relevant authorities as of the signing date.

Pursuant to the agreement, the project execution period shall be determined through a business plan and an implementation schedule approved by the relevant authorities, to be set out in an annex to be executed at a later date.

The Company will announce any material developments related to the development agreement as and when they become available.

In addition, the Vice Chairman of the Board, Mr. Nader Hassan Alamri, is an investor in the Fund.