Riyadh - Mubasher: Dar Al Majed Real Estate Company (Al Majdiah) signed a deal with Jadwa Al Manzel Real Estate Fund, represented by Ahdath Real Estate Data Company, at a value of SAR 211.61 million.

Dar Al Majed Real Estate Company has been appointed as the exclusive developer of the real estate project owned by the fund in Riyadh, according to a bourse disclosure.

This project comes as part of Al Majdiah’s strategy to scale the development of high-quality residential and commercial projects in Riyadh, supporting its contribution to delivering high-quality real estate products that meet market needs.

Both sides penned the agreement on 9 June 2026, which is valid for 24 months. The project aims to develop, execute, and manage land owned by the first party, located in Al Khuzama District in Riyadh, with a total area of 27,000 square meters.

Al Majdiah will implement a residential project comprising diversified residential apartments, in addition to marketing and selling the units in accordance with the off-plan sales (Wafi) regulations.

The deal is expected to have a positive impact on the listed group’s financial results commencing from the start date of project execution.

Al Majdiah earlier inked a joint agreement to explore the establishment of an educational real estate investment fund.