Riyadh – Mubasher: The ordinary general assembly of Dar Alarkan Real Estate Development Company, which was held on 23 June 2026, ratified several key resolutions, including the appointment of a new external auditor.
The shareholders also approved the discharge of board members from liability for the 2025 fiscal year and the authorization of significant related party transactions.
The meeting reviewed and discussed the board of directors’ report and the financial statements for the fiscal year ended on 31 December 2025, according to a bourse filing.
Following these discussions, the shareholders officially approved the auditor’s report for the same period.
A primary highlight of the meeting was the appointment of Turki Abdulmohsen Al Luhaid & Saleh Abdullah Al Yahya (Chartered Accountants and Auditors) as the company’s external auditor.
Selected based on the Audit Committee's recommendation, the firm will be responsible for examining and auditing the financial statements for the remainder periods of the 2026 fiscal year, as well as the first quarter of 2027.
The professional fees for these services were set at SAR 840,000 excluding Value Added Tax (VAT).
Shareholders also granted approval for several related party contracts and business dealings projected for the 2026 fiscal year.
One significant agreement involves Sahl Finance Company, in which Chairman Yousef bin Abdullah Al Shelash and board member Ziad Naeem El Chaar hold indirect interests. The contract facilitates financing for Dar Alarkan customers to purchase residential units. The disclosure noted that during 2025, sales related to this agreement totaled SAR 2.30 million, all of which were settled by Sahl Finance within the year, leaving no outstanding balance.
Furthermore, the assembly approved ongoing financial arrangements with Dar Global PLC, where both Al Shelash and El Chaar also hold indirect interests. This agreement involves the provision of financing facilities to Dar Global.
In 2025, the loan value reached SAR 1.20 billion with the same amount remaining as an outstanding balance as of 31 December 2025. The company emphasized that these transactions are conducted within the ordinary course of business, renewed annually, and are subject to prevailing commercial terms without preferential conditions.
In terms of governance and compensation, the assembly approved the discharge of the Board of Directors from liability for the 2025 fiscal year.
Additionally, shareholders sanctioned a total remuneration of SAR 3 million for the board members for their services during the 2025 fiscal year.
Looking toward future shareholder returns, the assembly authorized the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the 2026 fiscal year. This delegation provides the board with the flexibility to manage capital distribution in alignment with the company’s financial performance throughout the upcoming year.
The meeting concluded with the presence of all board members and heads of the Audit, Executive, and Nomination and Remuneration committees, ensuring comprehensive oversight of the proceedings.
The resolutions passed during this General Assembly provide Dar Alarkan with the necessary mandates to maintain its operational momentum, fulfill its auditing requirements, and manage its strategic financial relationships through the 2026 fiscal period.
