Logo of Banan Real Estate Co.
Banan Real Estate Co. signed a Memorandum of Understanding (MoU) with Abdulaziz & Saad Al-Moajil Trading and Investment Co. to develop a 7,425 square meters real estate plot located in the Al-Qirawan district, Riyadh.
According to the MoU, Banan Real Estate will be appointed as the exclusive developer and marketer of the project. Banan will be responsible for negotiating on the landowners behalf with real estate investment funds and working to establish an investment fund for the development of the project.
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In a statement to Tadawul today, the company said that the 3-month MoU is extendable upon mutual agreement of both parties, and it aims to reach a new detailed agreement for the development of the project and the structuring of the fund.
The anticipated financial impact will appear upon the actual commencement of the project, as it is expected to generate revenue from development activities, the company added, noting that there are no related parties.
Banan further stated that this project aligns with its strategy to expand its real estate development ventures in partnership with landowners, thereby enhancing income diversification and contributing to generate sustainable future returns.
