Riyadh - Mubasher: Dar Al Majed Real Estate Company (Al Majdiah) was awarded a project contract for developing the Eastern Al Hindawiya site in Makkah under the supervision of the Royal Commission for Makkah City and Holy Sites.
The alliance includes Al Majdiah (35%), First Avenue Real Estate Development Company (45%), and Rikaz Real Estate Company (20%), according to a bourse filing.
Awarded on 31 May 2026, the project falls within the Kingdom’s objectives to develop unplanned areas in Makkah, contributing to enhancing quality of life and achieving sustainable urban development.
The estimated total project cost is approximately SAR 2 billion, including land acquisition costs and infrastructure development, excluding potential superstructure works.
The scheme is located in the Eastern Al-Hindawiya area in Makkah, around 1.8 km from Al Masjid Al Haram. The project land area is approximately 235,000 square meters.
It will be implemented through a real estate investment fund managed by Jadwa Investment Company.
Subject to completion of the relevant procedures and implementation, the project is expected to contribute to enhancing the company’s project portfolio and supporting its presence in high-quality urban development projects.
In April, Al Majdiah named Khalid bin Abdulrahman Al Majed as the board’s Chairman for the next four years.
