Masar extends MoU with BIM Capital, Ajbal for real estate fund

Umm Al Qura for Development & Construction Co. (Masar) extended a non-binding memorandum of understanding with BIM Capital and Ajbal Real Estate to form a private real estate fund. The agreement, originally signed at an unspecified earlier date, will remain in effect until Sept. 30, 2026, or until the fund is established, the company said in a stock exchange filing.

The three parties had been working toward launching the fund since the initial MoU was announced. Masar, a Saudi-listed developer with projects in Mecca and Medina, said the extension allows additional time to finalize the fund's structure and legal documentation. The filing did not disclose the target size of the fund or the expected timeline for the launch.

Ajbal Real Estate is a Saudi real estate investment firm. BIM Capital is a regional asset manager. Both have partnered with Masar on previous development projects in the holy cities, according to local media reports. The non-binding nature of the MoU means none of the parties are obligated to proceed until a definitive agreement is signed.