Riyadh – Mubasher: Almajdiah Real Estate Company has announced the successful conclusion of its Ordinary General Meeting (OGM) held on 30 June 2026.
Shareholders representing 65.56% of the company’s capital convened via modern technology to approve several strategic items, including the ratification of the 2025 financial reports, the appointment of external auditors for the upcoming fiscal periods, and the endorsement of high-value related-party development contracts in Riyadh.
The meeting, which was chaired by Khalid bin Abdulrahman Al Majed, saw the presence of the full Board of Directors and key committee heads.
During the session, the assembly reviewed and discussed the Board of Directors' report and the company’s annual financial statements for the fiscal year ending 31 December 2025.
Following these discussions, shareholders officially approved the independent auditor’s report for the same period.
A significant portion of the assembly’s agenda focused on the company’s auditing and financial oversight. Shareholders voted to appoint Ernst & Young (EY) as the company’s external auditor.
Under this mandate, EY will be responsible for examining and auditing the financial statements for the second and third quarters of 2026, the full fiscal year of 2026, and the first quarter (Q1) of 2027. The total fees for these services are set at SAR 2.68 million, excluding Value Added Tax (VAT).
Additionally, the assembly approved a supplementary payment of SAR 750,000 to EY to cover additional hours worked during the audit of the 2025 fiscal year.
The General Assembly also provided its endorsement for three major real estate development agreements involving the Jadwa Al Manzil Real Estate Fund. These projects, located in prime districts across Riyadh, are structured under a "Cost Plus" model, which includes actual development costs plus fees for development, performance, sales, and marketing.
The first project involves the development, management, and marketing of a residential tower in the King Fahd district. This project has an estimated development cost of SAR 115.45 million and a projected duration of 42 months.
The second agreement covers a real estate project in the Arqa district with an estimated cost of SAR 65.40 million over a 36-month period. The third project, located in the Hittin district, is valued at approximately SAR 85.07 million with a 36-month timeline.
As these agreements involve the Jadwa Al Manzil Real Estate Fund, the company disclosed indirect interests held by several board and committee members, including Khalid Al Majed, Majed Al Majed, Nasser Al Majed, Abdulsalam Al Majed, Hussam Al Majed, and Mohammed Al Majed.
The company emphasized that these transactions were conducted within the ordinary course of business and were established without any preferential terms.
On 24 June, Almajdiah signed a framework agreement for the development of the Eastern Hindawiyah area in Makkah.
