Riyadh – Mubasher: Adeer Real Estate Company has signed a contract with Areeb Al Mutatawirah Real Estate Company to provide exclusive marketing and sales services for a major mixed-use development in Makkah, according to a bourse filing.
The agreement focuses on a 47-story tower located in the Jabal Omar district, comprising 471 units, with the contract value estimated at approximately 18% of Adeer’s annual revenues.
The contract was formally executed on 11 June 2026, positioning Adeer Real Estate as the sole marketing and sales agent for the high-rise project.
Areeb Al Mutatawirah Real Estate is participating in the agreement in its capacity as the custodian for a real estate investment fund managed by Areeb Capital.
This partnership highlights the collaboration between specialized real estate service providers and institutional investment funds within the Saudi market.
The development is situated in the strategically significant Jabal Omar area, a focal point for urban regeneration and hospitality near the Grand Mosque in Makkah.
The tower is designed as a mixed-use facility, integrating residential and commercial elements across its 47 floors. According to the disclosure, the project will be developed and executed in compliance with the Kingdom’s off-plan sales and leasing regulations.
These regulations are designed to provide transparency and security for buyers and investors during the construction phase of major real estate projects.
The financial implications of the contract are significant for Adeer. The company estimates that the total value of the agreement represents approximately 18% of its total revenues, based on the figures reported in its most recent audited annual financial statements.
Adeer expects a positive financial impact to be reflected in its earnings starting from the commencement of the tower’s marketing and sales phase.
The duration of the contract is set for 36 months. This three-year term will officially begin once Adeer receives formal notification to initiate the marketing and sales operations for the 471 units. This timeline provides a structured window for the company to achieve the sales targets associated with the high-profile development.
