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"First Avenue for Real Estate Development Company announces the signing of an agreement with Al Shati Real Estate Fund to develop a mixed‑use project in the city of Jeddah."
| Element List | Explanation |
|---|---|
| Date of Announcement of the Award | 2025-08-06 Corresponding to 1447-02-12 |
| Contract Subject Matter | First Avenue for Real Estate Development is pleased to announce its appointment as the developer for a mixed-use project (commercial/residential/hospitality) on a land spanning 15,619 square meters in the Al Shati District of Jeddah, following the signing of a development agreement with Al Shati Real Estate Fund. |
| The Entity with Which the Contract was Signed | Al Shati Real Estate Fund |
| Date of Signing the Contract | 2025-08-06 Corresponding to 1447-02-12 |
| Contract Value | The development fee amounts to 12% of the actual project costs, which will be determined at a later stage upon approval of the final designs and issuance of the final permit. |
| Contract Details | Under the agreement, the scope of work includes executing the project in accordance with the approved plans, which include: - Preparing architectural designs - Securing regulatory permits - Overseeing construction works - Marketing the project This agreement represents a step within the company's expansion strategy in the city of Jeddah to invest in promising real estate opportunities within highly attractive and strategic locations. Given the significance and materiality of this event, the company was keen to disclose the signing of the agreement, despite the estimated project value not being determined at this stage due to the final designs not yet being completed and the regulatory permits not yet issued by the relevant authorities as of the contract signing date. In accordance with the agreement, the estimated value of the project will be determined at a later stage, once the final designs are approved and the required permits are obtained from the relevant authorities. The company will disclose any material developments related to the development agreement as they become available. |
| Contract Duration | 36 months |
| Financial Impact and the Relevant Period | The positive financial impact is expected to be reflected in the company’s financial results starting from 2026, and any material developments will be announced in due course. |
| Related Parties | The company holds units in Al Shati Real Estate Fund equivalent to 14.9% of the fund’s capital. |
| Attached Documents |  |
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.
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