Riyadh – Mubasher: Dar Al Majed Real Estate Company (Al Majdiah) has signed a real estate development agreement with Real Estate Investment Fund 9 to serve as the lead developer for a residential project in Makkah.

The contract, signed on 4 August 2026, has an estimated total value of SAR 395.80 million, excluding value-added tax.

Under the terms of the agreement, the company will manage the planning, design, and construction supervision of two residential towers within the Masar Destination.

The project is situated on a total land area of approximately 6,614 square meters. The contract duration is set for 30 months, commencing from the date the building permit is issued.

The financial impact of the agreement is expected to be reflected in the company’s financial statements throughout the implementation period, with payments recorded based on completion percentages.

Al Majdiah disclosed that it holds a 16.6% stake in the fund’s units. Additionally, Board Member and Acting CEO Abdulsalam bin Abdulrahman Al Majid serves on the board of Real Estate Investment Fund 9 as a representative of the company, constituting an indirect interest.

In the first half (H1) of 2026, Al Majdiah posted 62.15% lower net profits at SAR 80.33 million, compared to SAR 212.22 million in the year-ago period.