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Mifak Rit lowers Makkah property value
Mifk Capital announced a reduction in the acquisition value of the Mecca property from 355 million SAR to 302 million SAR, along with an adjustment to the payment mechanism for the Jeddah property to include the issuance of tangible units in exchange for a cash amount. The two assets include a land designated for development in Mecca and a mosque adjacent to a commercial complex in Jeddah. The target assets' value after these adjustments is approximately 770.88 million SAR. This move comes as part of the fund's plans to increase its assets following the completion of required legal procedures and approvals from the relevant authorities.
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