First Avenue signs development deal with Jadwa Al Shorfa Real Estate Fund

First Avenue for Real Estate Development Co. signed a development agreement with Jadwa Al Shorfa Real Estate Fund for a mixed-use project, Capital Avenue – Al Rayyan, the company said in a statement to Tadawul.

Under the agreement, the development fee will amount to 15% of the project’s actual costs, estimated at SAR 185 million, excluding VAT.

The 30-month contract term will begin from the date the project contractor is appointed.

First Avenue has been appointed as the developer of the mixed-use project—comprising commercial, residential, and office components—on a 38,950-square-meter plot in the Al Rayyan district, Riyadh.

The contract scope includes executing the project in line with approved plans, including preparing detailed architectural designs, supervising construction works, and marketing the project.

The project is located at the intersection of the Eastern Ring Road and Makkah–Khurais Road. The building permit has been issued, with total built-up areas reaching 110,740 sqm.

First Avenue said board member Nader Al-Amri is an investor in Jadwa Al Shorfa Real Estate Fund, making him a related party to the project.

The company expects the positive financial impact to begin reflecting in its results from the first half of 2026, adding that any material developments will be announced in due course.

It added that the agreement reflects its expansion strategy aimed at investing in promising real estate opportunities in strategically attractive locations.