Saudi Real Estate Co. (“Al-Akaria”) Announces the Signing of a Contract with the Royal Commission for AlUla and AlUla Development Company for the Execution of the Development Management Agreement of Sidrat AlUla Project

Saudi Real Estate Co. (“Al-Akaria”) Announces the Signing of a Contract with the Royal Commission for AlUla and AlUla Development Company for the Execution of the Development Management Agreement of Sidrat AlUla Project

26 February 2024 08:57 AM

Element List

Explanation

Introduction

Referring to the announcement made by Saudi Real Estate Co. (“Al-Akaria”) (The Company) on 25th October 2023 regarding the signing of a Memorandum of Understanding with the Royal Commission for AlUla and AlUla Development Company The Company would like to announce to its esteemed shareholders that the Development Management Agreement of Sidrat Alula Project with the Royal Commission for AlUla and AlUla Development Company has been executed on 25 February 2024

Date of Announcement of the Award

2024-02-25 Corresponding to 1445-08-15

Contract Subject Matter

Development of Sidrat AlUla Project land, measuring 260,233,23 sqm, which will offer varied residential units of 810 units in total (570 apartment units and 240 villas and townhouses). The Masterplan includes commercial and retail spaces of approximately 36,760 sqm/GFA, in addition to green parks and other supporting facilities

The Entity with Which the Contract was Signed

Royal Commission for AlUla and AlUla Development Company

Date of Signing the Contract

2024-02-25 Corresponding to 1445-08-15

Contract Value

Total development cost will be determined by the company within 120 days starting