Al Majdiah signs SAR 395.8M deal for 2 residential towers at Masar Destination
- Source
- Argaam - Company Disclosures
- Source link
- https://www.argaam.com/en/article/articledetail/id/1926153
- Published
- 2026-08-05 10:32:00
- Discovered by ProcIntel
- 2026-08-05 14:01:31
- Category
- Supplier Risk
- Geography
- Saudi Arabia, UAE
- Organisations
- —
- Review status
- Pending
- Record type
- REAL
Summary
<p><img src="https://argaamplus.s3.amazonaws.com/804a593e-971d-455f-bff7-1a07b25c6ba2.png" ></p> <p class="ckeCaption" ><!--StartFragment-->Al Majdiah signed agreement with Alistithmar Real Estate Fund 9<!--EndFragment--></p> <hr> <div data-olk-copy-source="MessageBody" >Dar Al Majed Real Estate Co. (<a href="https://www.argaam.com/en/tadawul/tasi/almajdiah" target="_blank">Al Majdiah</a>) signed a real estate development agreement with Alistithmar Real Estate Fund 9.</div> <div data-olk-copy-source="MessageBody" ></div> <div> <p >According to a statement on <strong>Tadawul</strong>, Al Majdiah will act as the lead developer for two residential towers in Zone 1 of <a href="https://www.argaam.com/en/disclosures/projects/details/projectid/755" target="_blank">the Masar Destination</a> in Makkah, on a total land area of approximately 6,614 square meters.</p> <p ></p> <p >The company stated that the agreement has an estimated value of SAR 395.8 million, excluding VAT, with a 30-month term starting from the issuance of the building permit.</p> <p ></p> <p >Under the agreement, Al Majdiah will be responsible for managing and developing the project, including planning, design, development, supervision, execution follow-up, coordination with relevant authorities, management of contracts with contractors and consultants, as well as the marketing and sale of the project's units, in accordance with the agreed scope of work.</p> <p ></p> <p >The agreement’s impact will appear in upcoming financial statements throughout the project period, with revenue recognized based on completion progress starting from the execution phase.</p> <p ></p> <p >Al Majdiah noted a related-party transaction, as board member and Acting CEO Abdulsalam Almajed represents the company on the board of Alistithmar Real Estate Fund 9, creating an indirect interest under relevant regulations. The company also owns a 16.6% stake in the fund’s units.</p> </div>
Procurement Relevance Gate
- supplier_or_company_impact (weight 12) — matched on "contractor"
- geographic_exposure (weight 8) — matched on "2 linked geographies"
Initial Signal Assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.
A provisional, automatically-computed reading of this individual Signal, before Event extraction or human review. Not a final rating.
- Initial Significance
- 1 · Low (14.0/100)
- Initial Confidence
- 2 · Low (23.5/100)
- Data sufficiency Whether enough structured evidence exists to trust this Signal's Initial Confidence reading. 'Sufficient' has no cap; 'Partial' and 'Insufficient' cap Confidence until more evidence is available; 'Not Assessed' means the Signal did not pass the Relevance Gate.
- Partial
- Strongest contributor
- Procurement Impact
- Limiting factor
- Geographic Breadth
Initial Significance Low (14.0/100). Strongest contributor: Procurement Impact (6.0/30 points). Limiting factor: Geographic Breadth (0.0/10 points). Initial Confidence Low (23.5/100, data sufficiency: Partial). Strongest contributor: Source Authority (12.0/40 points). Limiting factor: Corroboration (2.5/25 points).
- No likely Event type matched; a low contextual baseline was applied.
- No eligible (non-geographic, non-fictional) entities were linked to this Signal.
- no matched Event type
- no actor entities (only attribution/metadata, if any)
- no actor content-derived geography
- single source only
- Entities were mentioned as context or document attribution rather than as actors in the reported development, so they did not increase Initial Confidence.
- Only source-level geography metadata was available.
- Source metadata did not contribute to Initial Confidence.
Methodology signal_scoring_v1 — calculated 2026-08-05 14:01:31.