Al Majdiah shareholders approve contracts with Jadwa Al-Manazel

Shareholders of Dar Al Majed Real Estate Co., known as Al Majdiah, approved the company's transactions and contracts with Jadwa Al-Manazel during an ordinary general meeting. The agreements were signed under a cost-plus model, according to the company's disclosure.

The vote covers previously signed contracts between the two entities. Al Majdiah did not disclose the contract value or the specific scope of work tied to the cost-plus arrangement. The approval follows the standard requirement for related-party transactions under Saudi corporate governance rules.

Al Majdiah is a Saudi-listed real estate firm. Jadwa Al-Manazel is a property development company. The cost-plus model ties Al Majdiah's revenue to the actual costs incurred plus a fixed margin, shifting cost overrun risk to the developer.

The shareholder vote clears the contractual framework for continued cooperation between the two firms. No further details on the project timeline or expected completion date were provided.