| Element List | Explanation |
|---|---|
| Introduction | Banan Real Estate Co, is pleased to announce the establishment of a Closed-end real estate fund in partnership with Artal Capital, Mr. Rakan Al-Tassan, and its subsidiary, Qimam Noshoz Real Estate Development Company. |
| Previous Announcement | Signing of a Memorandum of Understanding with Artal Capital and Mr. Rakan Al-Tassan. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-12-28 Corresponding to 1447-07-08 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | It has been agreed to establish a closed-end real estate investment fund named “Artal Real Estate Fund Four ” in accordance with the following terms and conditions: 1- Fund Term: The term of the fund shall be four (4) years. 2-Fund Manager: Artal capital has been appointed as the Fund Manager and shall be responsible for managing the fund’s investments and operations in accordance with the applicable laws and regulations. 3- Developer and Marketer: Banan Real Estate Company has been appointed as the exclusive developer and marketer of the project underlying the fund. 4- Fund Objective The Fund aims to develop a hospitality project on a plot of land with an area of (3,278.8) square meters, located in Al Rahmaniyah District, jointly owned in equal shares (50% each) by , Qimam Noshoz Real Estate Development Company, and Mr. Rakan Ibrahim Al-Tassan. Banan Real Estate Company’s Contribution: Banan Real Estate Company shall contribute a cash share to the fund in the amount of SAR 6,500,000. |
| Reasons For The Delay on The Date of The Event Previously Announced | is not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | is not applicable |
| Delay consequences on the Company’s financial results | “This Fund is expected to have a positive financial impact through generating revenues from the development fees included in the agreement, in addition to BananReal Estate’s share in the fund, which will contribute to enhancing financial returns inthe medium and long term.” |
| Additional Information | The subsidiary, Qimam Nashz Real Estate Development Company, has exited its 50% share in the value of the land in favor of Mr. Rakan Ibrahim Al-Tassan, for a total consideration of SAR 30,328,900 (Thirty Million Three Hundred Twenty-Eight Thousand Nine Hundred Saudi Riyals). |
