Riyadh – Mubasher: Umm Al Qura for Development and Construction Company, trading as MASAR on the Saudi Exchange, has convened its 15th Extraordinary General Assembly during which shareholders approved the fiscal reports for 2025.
The shareholders also elected a new board of directors for a four-year term, and authorized significant related-party transactions and audit fee adjustments, according to a bourse filing.
During the session on 10 June 2026, the assembly reviewed and discussed the board of directors' report and the company’s financial statements for 2025. Shareholders officially approved the auditor’s report and the audit committee’s findings for the same period.
Following these reviews, the assembly voted to discharge the members of the board of directors from liability for their management during the 2025 fiscal year.
Furthermore, a total remuneration of SAR 2.70 million was approved for distribution among the board members for their services during that year.
A primary outcome of the meeting was the election of the board of directors for the upcoming cycle.
The new term is scheduled to begin on 1 July 2026 and will conclude on 30 June 2030.
The elected board members include Abdullah Saleh Kamel, Raed Abdullah bin Ahmed, Fahad Khalid Al Saud, Abdulaziz Mutaib Al Rasheed, and Abdullah Saleh Al Balawi. This is in addition to Ahmed Abdulmohsen Al Romaih, Abdulrahman Mohammed Al Rashed, Zuhair Fouad Hamzah, and Sulaiman Dawood Al Sabti.
The assembly also addressed corporate governance by approving amendments to several internal policies. These updates included the remuneration policy, membership criteria and procedures, shareholder rights policy, and the competition policy.
Additionally, the assembly ratified revised charters for both the Audit Committee and the Nomination and Remuneration Committee. Amendments were also made to the company’s Articles of Association, specifically targeting Article 4 regarding company objectives and Article 36 regarding assembly resolutions.
Significant attention was given to related-party transactions involving Bank Aljazira. Shareholders approved seven-year credit facilities where board member Abdulaziz Al Rasheed holds an indirect interest due to his dual role on the boards of both entities.
For the 2025 fiscal year, the transactions included withdrawn loans totaling SAR 25.19 million, the settlement of financing charges amounting to SAR 148.18 million, and outstanding financing charges of SAR 149.55 million. In a related move, the assembly authorized Al Rasheed to engage in business activities that compete with the company's operations.
The assembly also approved a request from the external auditor to adjust their professional fees. The total audit fees were increased to SAR 2.465 million, up from the previously approved SAR 1.702 million. This adjustment includes a SAR 415,000 increase for the 2025 fiscal year and the first quarter (Q1) of 2026 to cover additional valuation and classification procedures.
An additional 348,000 was allocated for the 2026 fiscal year and Q1-27 to address the heightened regulatory requirements and procedures following the company’s listing on the Saudi Exchange (Tadawul).
