Alramz inks deal to develop 2 residential towers in Makkah

Alramz Real Estate Co. signed, on Feb. 12, a development agreement with Ramz Al Hijaz Fund (managed by Al Rajhi Capital) to develop two land plots, located in the King Abdulaziz Road District in Makkah, with the aim of developing and constructing two residential towers there.

In a statement to Tadawul, the company said the value of the development agreement amounts to SAR 418 million, in addition to development fees of 15% of the agreement value, equivalent to SAR 62.7 million.

The contract was concluded between - Ramz Al Hijaz Fund as the landowner and Alramz as the developer.

The contractual term is 36 months from the signing date, the statement added, noting that the agreement includes the development and construction of two residential towers on two land plots spanning 6,007 square meters.

This includes design, development, execution, and supervision works until the project is completed and delivered in accordance with the agreed specifications, within the specified term of the agreement.

This transaction is expected to contribute positively to the company’s financial performance during 2026 to 2029, the Saudi-listed firm said, indicating that no related parties are included.