Riyadh — Mubasher: Asas Makeen Real Estate Development and Investment Company has penned a framework agreement with Middle East Financial Investment Company (Mefic Capital) to establish a private real estate investment fund.
Holding a target value of SAR 73.44 million, the fund is designed to develop two land parcels owned by the company in the Al Hamra district of Riyadh.
The property asset covers a total area of approximately 3,834 square meters, according to a bourse filing.
Under the terms of the agreement signed on 7 July 2026, the land value is set at SAR 30.67 million.
Meanwhile, Asas Makeen will participate in the fund with an in-kind contribution representing 30% of the land value, while the remaining balance will be settled in cash according to a final purchase agreement.
Mefic Capital will serve as the fund manager, while Banaa Al Tharawat will act as the distributor.
The framework includes a development fee of 10% of total construction costs and a brokerage fee of 2.5% of the land value.
Moreover, the agreement remains valid for 90 days or until the fund's establishment is complete.
Asas Makeen expects the project to positively impact its financial results during 2026 and 2027.
