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Middle East Financial Investment Company (MEFIC Capital), listed on the Saudi market “Tadawul”, as the director of the MEFIC REIT Fund, has revealed substantial developments related to the Fund’s expansion plans to increase the total value of its assets.
The subsequent announcement issued by the Fund Manager included the amendment of the deadlines for the purchase of real estate assets agreements in the cities of Jeddah and Mecca, in addition to stopping moving forward with the proposal to acquire the right to benefit a property in the city of Jazan, in the framework of reorganizing the schedule of future deals and the associated legal procedures.
The parties to the agreement on the sale and purchase of the property located in Jeddah, signed in March 2026, reached an agreement to amend some of the provisions of the agreement, and under an amendment annex signed on October 21, 2026, it was decided to extend the final date of completion of the transaction or meet its conditions until November 30, 2026, with the possibility of extending this date again in the event of a written agreement between the concerned parties, according to the disclosure published on the website of the Saudi Stock Exchange (Tadawul) on Thursday.
Extension of the final date for the completion of the Jeddah real estate deal or meeting its conditions until November 30, 2026
The real estate file in the city of Makkah also witnessed a similar procedure, where an amendment agreement was signed to the original sale and purchase agreement concluded in March 2026, and the new amendment provided for the postponement of the final date of completion of the acquisition to be on November 30, 2026, instead of the previous date, in order to complete the requirements for the transfer of ownership, and the merger of the asset within the Fund’s real estate portfolio.
With regard to the geographical expansion in the southern region, the Fund Manager announced developments related to the memorandum of understanding to study the possibility of acquiring a right of benefit for a property located in the city of Jazan, and the disclosure indicated that it was decided not to renew the memorandum of understanding, which expired on October 22, 2026, due to the failure of the parties to reach a final agreement that satisfies the aspirations of the Fund, which led to the dismissal of this investment opportunity for the time being.
As for the expected financial impact, MEFIC Capital noted that the completion of acquisitions and the increase in the total value of the Fund’s assets will reflect positively on the overall performance of the Fund and its investment objectives.
For his part, the fund manager stressed that moving forward with the increase in capital or the value of assets remains subject to obtaining the necessary regulatory approvals from the Capital Market Authority and Tadawul Saudi Arabia, in addition to obtaining the approval of unit owners through the General Assembly.
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