IssuerAnnouncementDetailsV2Portlet
Actions
Red Sea International Company announces The handover of the land and completion of all procedures for approving the investment contract with Al-Madinah Al-Munawwarah Municipality
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Red Sea International Company (the “Company”) published on the Tadawul website on 07/05/1447H corresponding to 29/10/2025G regarding the award of a lease contract to invest in land in Al-Madinah Al-Munawwarah from the Al-Madinah Region Municipality, the Company announces that the land has been handed over and completion of all procedures required to approve the investment contract with the Al-Madinah Region Municipality through the Furas platform. The Company further clarifies to its shareholders that the effective date of the contract, the commencement of contractual obligations, and the contract term shall be as of the date of the land handover report issued by the Municipality, dated (16-01-1448)H corresponding to (01-07-2026)G, which shall be considered the final approval to commence the contractual relationship after settlement of the invoices and electronic acceptance of the contract draft. |
| Date of Announcement of the Award | 2025-10-29 Corresponding to 1447-05-07 |
| Project Subject Matter | Land investment to construct, operate and maintain a mixed-use development on the allocated plot. |
| The Entity with Which the Project was Signed | Al-Madinah Al-Munawwarah Municipality |
| Date of Signing the Project | 2026-07-01 |
| Project Value | SAR 161,946,022 (ex-VAT) representing the total rent value over the fifty years lease contract period |
| Project Details | Al-Madinah Al-Munawwarah Municipality is leasing to the Company a plot of land located at the intersection of Omar Bin Al-Khattab Road and Abdul Harith Bin Zaid Al-Dhabi Road in Madinah, with a total area of 63,088sqm for a period of (50) fifty years as investment to construct, operate and maintain a mixed-use development on the allocated plot. |
| Project Duration | fifty years effective from the land handover date |
| Financial Impact and the Relevant Period | The financial impact of this contract was reflected in the first quarter of the 2026 fiscal year, following the commencement of development and operation works at the handed-over site |
| Related Parties | There are no related parties. |
| Additional Information | The Company will announce any developments in this regard in accordance with applicable regulations |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Share
Company Performance
Key Parameters
Last Price 22.92
Net Change -1.28 (-5.29%)
Value Traded (Sar) 38,655,072.53
Volume Traded 1,670,428
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions