Al-Majidiyah to develop two Jeddah towers

Dar Al-Majid Real Estate Company (Al-Majidiyah) announced that it has signed a development agreement with the Real Estate Investment Fund 9 to develop two residential towers at the Makkah City destination of Maseer, with an estimated value of 395.8 million SAR. The project covers a total area of 6,614 square meters. The agreement includes developing the project through tasks such as planning, design, supervision of execution, marketing, and sales, with a project duration of 30 months from the issuance of the building permit. It is noted that the company will gradually reflect the financial impact on its results based on the percentage of completion. Additionally, there is an affiliated party involved in the agreement, Abdul Salam Al-Majid, who holds an investment stake of up to 16.6% in the fund.

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