Riyadh - Mubasher: Dar Al Majed Real Estate Company (Al Majdiah) has signed a development agreement with the Jadwa Al-Manzel Real Estate Fund to establish a residential compound in Riyadh’s Hittin district.
Spanning 14,709 square meters (sqm), the project will be developed under the Off-Plan Sales and Leasing program (Wafi), with an estimated value of SAR 85.07 million, according to a bourse filing.
Under the agreement, Al Majdiah will be responsible for the development, execution, and marketing of the project. Meanwhile, the fund is represented by Ahdath Al-Bunayat Real Estate Company.
The residential compound will have an estimated built-up area (BUA) of 30,764 sqm and a development timeline of 36 months.
The project is expected to have a positive impact on Al Majdiah’s financial results starting from the commencement of works, with the effect recognized gradually in line with construction progress.
In September 2025, Al Majdiah penned two contracts with Tatweej Contracting Company to implement residential projects, with a combined value of SAR 453.60 million.
