| Item | Explanation |
|---|---|
| Introduction | Banan Real Estate Company announcement regarding the signing of a memorandum of understanding with Artal Financial Company and Mr. Rakan Al-Tassan |
| MoU signing date | 1447-07-05 corresponding to 2025-12-25 |
| Counterparty | Artal Financial Company and Mr. Rakan Al-Tassan |
| Subject of the MoU | Establishing a private real estate investment fund that is compliant with the provisions of Islamic Sharia and licensed by the Capital Market Authority, for the purpose of acquiring a land plot with an area of 3,278.8 square meters located in Al-Rahmaniyah District, owned by the subsidiary company Qimam Nashaz Real Estate Development Company. According to the MoU signed between the parties, the following was agreed:1- Establishing a hospitality project on the land subject of the project,2- Appointing Banan Real Estate Company as the exclusive developer and marketer of the project, undertaking development works and supervising execution, in addition to marketing the project according to the approved plan.3- Appointing Artal Financial Company as the manager of the real estate investment fund,4- The in-kind units of the fund shall be shared equally between the subsidiary company Qimam Nashaz Real Estate Development Company and Mr. Rakan Ibrahim Al-Tassan |
| MoU term | The term of this agreement is 3 calendar months from the date of signing, renewable upon written approval from all parties. |
| Related parties | None |
| Financial impact | The expected positive financial impact will appear upon the actual commencement of project execution, represented by generating revenues from development works for the benefit of Banan Real Estate Company |
