Riyadh - Mubasher: Retal Urban Development Company announced the successful conclusion of its Extraordinary General Meeting (EGM) held on 25 June 2026, where shareholders approved the 2025 financial results and authorized several strategic governance measures.

Key outcomes of the meeting included the ratification of a share buyback program dedicated to employee incentives, the appointment of external auditors for the upcoming year, and the granting of authority to the board of directors to distribute interim dividends for 2026.

The meeting, which was conducted virtually from the company’s headquarters in Khobar, reached a legal quorum with an attendance rate of 75.51% of the share capital. The assembly was presided over by Chairman Abdullah Abdullatif Al Fozan, with the full participation of the Board of Directors and the heads of the executive, audit, and nomination committees.

In a move to align employee interests with long-term corporate performance, shareholders approved a proposal for the company to repurchase up to 2 million of its own shares.

These shares are designated for a long-term incentive program for employees. The buyback will be self-funded from the company’s internal resources. The Board of Directors has been authorized to complete the purchase within a maximum period of 18 months from the date of the assembly’s decision, and the company may hold these treasury shares for up to four years before allocating them to the program.

Regarding shareholder returns, the assembly granted the Board of Directors the authority to distribute interim dividends on a quarterly or semiannual basis for 2026.

This mandate provides the company with the flexibility to manage capital distributions in accordance with its financial position and growth requirements throughout the year.

Financial governance was a primary focus of the meeting, as shareholders reviewed and discussed the board’s report and the financial statements for the fiscal year ending 31 December 2025.

The assembly approved the auditor’s report for the same period and officially discharged the board of directors from liability for 2025. Furthermore, PricewaterhouseCoopers (PwC) was appointed as the company’s auditor.

PwC will be responsible for reviewing the financial statements for the second and third quarters of 2026, the full-year 2026 audit, and the first quarter (Q1) of 2027, for a total fee of SAR 961,000.

The assembly also ratified a substantial list of related-party transactions and contracts involving board members and associated entities. The most significant of these was a contract with the Building and Construction Company Limited, involving costs and services totaling approximately SAR 2.03 billion.

Other notable transactions included contracts with Mudar Building Materials totaling SAR 112.6 million and revenue-generating agreements with the Rimal Park Fund and the Arsee Beach Real Estate Fund.

Additional resolutions included the approval of SAR 2.08 million in board remuneration for 2025 and amendments to the remuneration policies for the board, its committees, and executive management.

The assembly also renewed the board's licensing to engage in various real estate development and construction activities under the Saudi Companies Law, ensuring the continuity of the company’s core business operations across residential, non-residential, and government sectors.