1.     Entering into a memorandum of understanding to study the potential acquisition of the ownership of a property located in Jeddah with a total area of 66,588.5 square meters.

2.     Entering into a memorandum of understanding to study the potential acquisition of the ownership of a property located in Makkah with a total area of 36,000.01 square meters.

3.     Entering into a memorandum of understanding to study the potential acquisition of a usufruct right over a property located in Jazan with a total area of 32,293.23 square meters.

After fulfilling the regulatory requirements and conducting legal, financial, and technical due diligence to ensure the soundness and integrity of the properties, MEFIC Capital will proceed to enter into final binding agreements (“the Final Agreements”) with the sellers for the acquisition of the properties. This will be in consideration of increasing the total asset value (capital) of the Fund through the issuance of in-kind units to the sellers in the Fund. It is noted that the Final Agreements are conditional upon fulfilling the regulatory requirements and obtaining the approval of the Capital Market Authority, the approval of the Fund’s Board of Directors, and the approval of the Fund’s unitholders.

MEFIC Capital clarifies that the duration of the Memoranda is 60 calendar days from the date of signing, renewable upon agreement of the parties. MEFIC Capital is not obligated to enter into the Final Agreements, as the Memoranda are conditional upon completing due diligence and meeting regulatory requirements. MEFIC Capital will proceed with the Final Agreements only after confirming the feasibility, integrity, and legal soundness of the properties, as well as meeting all regulatory requirements.

MEFIC Capital will announce any subsequent developments in due course.