Mufeed cancels contracting procedures for Riyadh events project

Mufeed Co. said it received a letter on April 5 from the Royal Commission for Riyadh City (RCRC) regarding the non-completion of contracting procedures for the 2025 main events project in Riyadh’s Diplomatic Quarter.

In a statement to Tadawul, the company said the decision was made in the public interest and was not due to any shortcomings or breaches on its part.

Mufeed reviewed the letter on April 6, conducted a legal assessment, and completed internal approval procedures before immediately disclosing the development.

The company reaffirmed its commitment to continuing operations across its business lines in line with approved strategic plans, and said it will pursue available market opportunities, leveraging its expertise in events, media production, and marketing.

Mufeed added that it will continue developing its business, improving operational efficiency, and investing in assets to maintain readiness and execution capabilities. It will disclose any material developments in accordance with relevant regulations.

According to Argaam data, Mufeed had announced in September 2025 that it was awarded a SAR 19.49 million contract, including VAT, to execute the main events project in Riyadh’s Diplomatic Quarter.