The Al Majdiah Real Estate Company has signed a US $49mn agreement with Jadwa Al Maqar Real Estate Fund, represented by Masaken Noura Real Estate Company. The deal will see the development of 296 residential units within the Mishraf Al Majdiah project in Al Hadra District, Madinah.

As per the terms of the deal, Al Majdiah will act as the developer and provide comprehensive development and supervision services for the designated project areas. The agreement is said to cover the development of Zone 1 of the project, featuring 66 villas and 230 apartments, in addition to the development of the public realm of the project’s central area.

The scope of work includes design and planning, development management, co-ordination and supervision of contractors and consultants, obtaining the required approvals and licences, and marketing and sale of the residential units.

Development work is expected to be completed within 24 months from the date of the agreement. The agreement will remain effective until the final handover of the developed works and issuance of the final completion certificate, in accordance with its terms, said a statement.

In addition, Al Majdiah said that it has signed an agreement with Alistithmar Real Estate Fund 9 for the development of 2-residential towers located in Zone 1 of Masar Destination in Makkah. As per the deal, the Saudi firm will act as the master developer for the project coming up on a 6,614sqm plot of land.

The scope of work includes planning, design, development, supervision and monitoring of construction works, coordination with relevant authorities, management of contracts with contractors and consultants, as well as the marketing and sale of the project’s units, all in accordance with the scope of work set out in the agreement.