| Element List | Explanation |
|---|---|
| Introduction | Banan Real Estate Company announces the signing of a contract with Afaq Al Qimma Al Rabiaa Al Mutatawera Company, which is affiliated with the fourth Artal Real Estate Fund managed by Artal Financial, to develop a hotel building in Al Rahmaniya neighborhood. |
| Date of Announcement of the Award | 2026-07-02 Corresponding to 1448-01-17 |
| Contract Subject Matter | Hotel building development in Al-Rahmaniyah district |
| The Entity with Which the Contract was Signed | Afaq Al Qimma Al Rabia Advanced Company |
| Date of Signing the Contract | 2026-07-02 Corresponding to 1448-01-17 |
| Contract Value | The estimated value of the contract is 54,948,382 riyals. |
| Contract Details | Banan Real Estate Company is appointed as the developer and marketer of the project, which is a hotel building on an area of 3284 meters in Al-Rahmaniyah district and is owned by Artal Fourth Real Estate Fund. |
| Contract Duration | Two years |
| Financial Impact and the Relevant Period | This contract is expected to have a positive financial impact that will be reflected in the company’s revenues and results starting from the second half of the fiscal year 2026. |
| Related Parties | Qimam Noshoz Real Estate Development Company (a subsidiary of Banan Real Estate Company) owns 38.2% of the fourth Artal Real Estate Development Fund, while Banan Real Estate Company directly owns 10.2% of the fund. |
| Additional Information | – Afaq Al Qimma Al Rabiaa Al Mutatawera Company is a company established in the Kingdom of Saudi Arabia for the purpose of acquiring and owning the real estate assets belonging to Artal Real Estate Development Fund IV (which is a closed real estate investment fund managed by Artal Financial Company). |
