| Item | Explanation |
|---|---|
| Introduction | Banan Real Estate Company announces the signing of a Memorandum of Understanding with Abdulaziz & Saad Al Muajil Trading and Investment Company. |
| MoU Signing Date | 1446-12-15 (corresponding to 2025-06-11) |
| Contracting Party | Abdulaziz & Saad Al Muajil Trading and Investment Company |
| MoU Subject | Development of a real estate land located in Al Qirawan District, Riyadh, with an area of 7,425 square meters.
According to the Memorandum of Understanding, Banan Real Estate Company will be appointed as the exclusive developer and marketer of the project, and will undertake the following tasks: • Negotiating on behalf of the landowner with real estate investment funds. • Working on the establishment of an investment fund to develop the project. |
| MoU Term | Three months from the date of signing, extendable by mutual consent of both parties, with the objective of reaching a new detailed agreement for developing the project and structuring the fund. |
| 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 activities. |
| Additional Information | This project is considered part of the Company’s strategy to expand in real estate development projects in partnership with landowners, which enhances income diversification and contributes to sustainably increasing future returns. |
