MEFIC REIT extends deadlines for Jeddah, Makkah property deals

Logo of MEFIC REIT Fund

MEFIC Capital, the manager of MEFIC REIT, extended the deadline for two property sale and purchase agreements in Jeddah and Makkah to Nov. 30, 2026, from the previously agreed date, or any other date mutually agreed upon in writing by the parties.

As for Jeddah and Makkah properties, the parties to the agreements, signed on March 13, agreed to amend certain provisions under an amendment agreement signed on Oct. 21. The final deadlines have been extended to Nov. 30, 2026, or any other date mutually agreed upon in writing, the company said in a Tadawul statement.

Regarding Jazan property, the memorandum of understanding to study the potential acquisition of usufruct rights to a property in Jazan expires today, Oct. 22, the fund manager said. It noted that the parties had agreed not to renew the memorandum after failing to reach an agreement.

MEFIC Capital expects the transaction, upon completion and an increase in the fund's total asset value, to have a positive impact on the fund.

The fund manager added that it would announce any further developments in due course, noting that the increase in the fund's total asset value is subject to approval from the Capital Market Authority, Saudi Exchange (Tadawul), and unitholders.