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Element List	Explanation
Introduction	In line with its development strategy through Joint Ventures, Umm Al Qura for Development and Construction Company announces the signing of a non-binding memorandum of understanding to establish a real estate private fund with BIM Capital and Ajbal Real Estate Development Company
Memorandum Signing Date	2025-12-30 Corresponding to 1447-07-10
Counterparty	BIM Capital and Ajbal Real Estate Development Company
Memorandum Subject	In line with the development strategy for Masar Destination, Al-Inma First Development Company Limited (The SPV for Al-Inma Makkah Development Fund I, all units of which are owned by Umm Al Qura for Development and Construction Company) has signed a non-binding memorandum of understanding ("MoU") to establish a real estate private fund with a targeted capital of 221,000,000 Saudi Riyals which represents the value of the land and a portion of the development costto be injected via cash and in-kind contributions and subscriptions for the purpose of developing hotel units on a plot of land within Masar Destination. As per the MOU, BIM Capital to be appointed as the Fund Manager and Ajbal Real Estate Development Company as the Developer while Al-Inma First Development Company Limited to contribute the land plot partially at a certain percentage of its value as an in-kind contribution. The Developer on the other hand to also have in-kind and cash contributions. The final participation ratios of the parties will be determined upon the fund's establishment
Memorandum Duration	A period of six calendar months from the date of signing the memorandum, or until the completion of the fund’s establishment whichever comes first. The agreement may be extended upon written mutual consent of the parties
Related Parties	None
Financial Impact	Currently there is no financial impact, and any future financial impact will be announced accordingly
Additional Information	Any material developments related to this matter will be announced accordingly

Umm Al Qura for Development and Construction Company (The Owner, Developer and Operator of "Masar" Destination) announces the signing of a non-binding memorandum of understanding to establish a real estate private fund with BIM Capital and Ajbal Real Estate Development Company