Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) announced the termination of its partnership agreement with Al Tahaluf Real Estate, effective 6 August 2026.
The agreement, originally signed on 24 May 2023, was intended for the development of a residential villa project within the Al Akaria Park master plan.
The company stated that the decision to terminate the partnership was based on mutual understanding and in accordance with the terms of the agreement, specifically sub-paragraph (a) of paragraph (1) of item 15.2.
The termination follows the failure to meet certain conditions precedent within the timeframe specified in the contract.
As a result of the dissolution, Saudi Real Estate Co will bear pre-incorporation expenses totaling SAR 1.12 million. Al Tahaluf Real Estate will incur an equal amount, representing a 50% split of these costs between the two parties.
The developer noted that the termination follows the initial partnership framework established in 2023 for the joint development project.
Last July, Al Akaria announced authorities have lifted the suspension on a major land plot in North Riyadh with a book value of SAR 98.40 million.
