Dar Al Majdiah Real Estate to Build SAR396 Million Residential Towers in Saudi Arabia

02:17 AM EDT, 08/05/2026 (MT Newswires) -- Dar Al Majdiah Real Estate (SASE:4326) signed a 395.8 million-Saudi-riyal agreement with Alistithmar Real Estate Fund 9 to develop two residential towers at the Masar Destination in Makkah, Saudi Arabia. The Saudi real estate company will serve as the master developer for the project, which will be built on a 6,614-square-meter site, and will work on planning, design, construction, and supervision, along with the marketing and sale of residential units, according to a Wednesday release. The project is expected to take 30 months from the issuance of the building permit, with the recognized revenue to be based on the percentage of completion.