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Maifk Rit: Deadline Extended in Jeddah and Mecca
The Middle East Financial Investment Company (MIFC Capital), manager of MIFC REIT, announced the extension of the closing deadlines for the two property acquisitions in Jeddah and Mecca until November 30, 2026. This extension aims to complete the transfer of ownership procedures and the integration of the assets into the fund's portfolio. Additionally, it was announced that the memorandum of understanding regarding the acquisition of rights of benefit for a property in Jazan will not be renewed, as no final agreement was reached. As a result, this investment opportunity has been set aside for now. These adjustments are intended to organize the transaction schedule and are expected to contribute to increasing the value of the fund's assets and improving its performance, subject to obtaining the necessary regulatory approvals from the Capital Market Authority and the Saudi Exchange.
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