Al Majdiah Signs SAR 185 Million Agreement for Madinah Residential Units

Al Majdiah Real Estate Company has entered into a SAR 185 million real estate development agreement with Jadwa Al Maqar Real Estate Fund, represented by Masaken Noura Real Estate Company. The agreement, signed on September 10, 2026, involves the development of 296 residential units within the Mishraf Al Majdiah project located in Al Hadra District, Madinah. The project will include 66 villas and 230 apartments, as well as the development of the public realm in the project's central area.

Al Majdiah will serve as the developer, providing comprehensive development and supervision services. Their responsibilities encompass design and planning, development management, coordination and supervision of contractors and consultants, obtaining necessary approvals and licenses, and marketing and selling the residential units. The total development cost is capped at SAR 185 million, with approximately SAR 158.12 million allocated for direct costs and SAR 26.88 million for indirect costs.

In addition to the development costs, Al Majdiah will receive a development fee based on direct costs, sales and marketing fees, and a performance incentive, subject to the agreed eligibility conditions and contractual terms. The development works are anticipated to be completed within 24 months from the agreement date, with the agreement remaining effective until the final handover and issuance of the final completion certificate.

The agreement does not cover the previously developed show area and excludes other areas of the Mishraf Al Majdiah project. This initiative continues Al Majdiah's development activities within the Mishraf Al Majdiah project, reinforcing the company's presence in Madinah's residential real estate market.