Saudi Real Estate Co. (Al-Akaria) on 25th October 2023 regarding the signing of a Memorandum of Understanding with the Royal Commission for AlUla and AlUla Development Company. The Company announced to its esteemed shareholders that the Development Management Agreement of Sidrat Alula Project with the Royal Commission for Al Ula and AlUla Development company has been executed on 25 February 2024.

Contract Subject Matter: Development of Sidrat AlUla Project land, measuring 26,023,323 sqm, which will offer varied residential units of 810 units in total (570 apartment units and 240 villas and townhouses). The Masterplan includes commercial and retail spaces of approximately 36,760 sqm/GFA, in addition to green parks and other supporting facilities. The Entity with Which the Contract was Signed: Royal Commission for AlUla and AlUla Development Company.

Contract Value: Total development cost will be determined by the company within 120 days starting from the execution date of the Development Management Agreement with the Royal Commission for AlUla and AlUla Development Company. Contract Details: Development of Sidrat Alula Project land, measuring 26,023,323 sqm, which will offer varied residential units of 810 units in total (570 apartment units and 240 villas and townhouses). The Masterplan includes commercial and retail spaces of approximately 36,760 sqm/GFA, in addition to green parks and other supporting facilities.

The Company will be responsible for streamlining and managing all development, sales and marketing activities for Sidrat Alula Masterplan. Contract Duration: 5 Years. Financial Impact and the Relevant Period: Saudi Real Estate Company will receive development management fee of 10% of all project cost related expenses of the Sidrat Alula Masterplan in addition to 2.5% of total sales proceeds (sales commission) along with 10% of total rental revenue for the residential and commercial spaces.

Related Parties: Public Investment Fund through their ownership of AlUla Development Company.