SAUDI ARABIA —Al Majdiah Real Estate Company has executed a real estate development agreement valued at SAR 185 million with Jadwa Al Maqar Real Estate Fund, represented by Masaken Noura Real Estate Company, for the development of Zone 1 and the public realm of the central area within the Mishraf Al Majdiah project located in the Al Hadra District of Madinah, Saudi Arabia. Under the terms of the agreement, Al Majdiah Real Estate will deliver comprehensive development and supervision services over a 24-month execution timeline. The contract covers direct development costs capped at SAR 158.12 million alongside indirect expenses of SAR 26.88 million, under which the developer will earn direct cost-based development fees, marketing fees, and performance incentives.
Al Majdiah Real Estate Company is a prominent Saudi real estate developer specializing in modern residential solutions and large-scale urban developments across the Kingdom. Jadwa Al Maqar Real Estate Fund is a specialized real estate investment vehicle managed by Jadwa Investment in partnership with Al Maqar Development Company, the investment arm of the Madinah Region Development Authority focused on advancing urban infrastructure.
The agreement covers the engineering design, master planning, regulatory approvals, contractor coordination, and marketing of 296 residential units, comprising 66 villas and 230 apartments, while enhancing the surrounding public realm in Madinah's central district. This landmark contract represents a key phase in expanding housing inventory and improving municipal amenities within the region, directly aligning with Saudi Arabia's Vision 2030 objectives to increase homeownership and elevate urban quality of life across major regional centers.
The project reinforces growing momentum across the Kingdom's real estate and construction sectors, highlighting effective capital deployment through joint private-public investment funds. For investors and market observers, the development underscores sustained momentum in Madinah's property sector, while providing Al Majdiah Real Estate with revenue recognition based on project completion milestones throughout the execution timeframe.
