Riyadh – Mubasher: The Saudi Real Estate Company (Al Akaria) held its Ordinary General Assembly meeting on 29 June 2025, where shareholders approved the company’s financial statements, board of directors' reports, and the discharge of board members from liability for the 2025 fiscal year ending.
The meeting also saw the ratification of auditor appointments, board remuneration totaling SAR 1.85 million, and the approval of several related-party transactions and competition clauses for specific board members.
In a bourse filing to the Saudi Exchange (Tadawul), a primary focus of the assembly was the review and approval of the company’s performance for the 2025 fiscal year. Shareholders formally approved the board of directors’ report and the external auditor’s report, while also clearing the board of liability for the period.
To oversee the upcoming financial cycles, the assembly approved the appointment of Moore El Sayed El Ayouty & Co. as the external auditor. The firm will be responsible for reviewing and auditing the financial statements for the second, third, and annual periods of 2026, as well as the first quarter of 2027. The total fees for these services were set at SAR 860,000, excluding value-added tax.
Regarding governance and leadership, the shareholders ratified the board’s decision to appoint Saham bin Hani Youssef Nasser as a non-executive director. His appointment, which became effective on 16 April 2026, is intended to complete the current board term ending 9 February 2029, following the vacancy left by former non-executive member Hathal bin Saad Al Otaibi.
The assembly also addressed matters of professional competition and related-party contracts. Shareholders granted approval for the Chairman, Naif bin Saleh Al Hamdan, and board members Mohammed bin Musfer Al Malki and Muadh bin Naeem Al Naeem to participate in businesses that compete with the company's activities.
Specifically regarding related-party transactions, the assembly approved a contract executed during 2025 with Al Somoud Second Real Estate Development and Investment Company. This transaction involved the sale of undivided land in Riyadh owned jointly by Al Akaria, Riyadh Holding Company, and Riyadh Development Company.
Board member Muadh bin Naeem Al Naeem was identified as having a direct interest in the deal. The company confirmed that the sale, which resulted in Al Akaria receiving a share of SAR 1.72 million from the proceeds, was conducted without any preferential terms.
Finally, the shareholders approved the company’s Corporate Social Responsibility policy, signaling a formalization of its commitment to social initiatives.
The successful convening of the First Meeting and the approval of all agenda items reflect shareholder consensus on the company’s administrative and financial direction as it moves into the 2026 fiscal period.
By securing approvals for auditor transitions and board appointments, Al Akaria maintains its regulatory compliance and operational continuity within the Saudi real estate sector.
