Business
MEFIC Capital Pushes MEFIC REIT Jeddah and Makkah Property Deadlines to November 30, 2026
By News Desk ·
Key takeaways
- MEFIC Capital extended the deadline for two MEFIC REIT property sale and purchase agreements in Jeddah and Makkah to November 30, 2026.
- The extension also applies to any other date the parties mutually agree upon in writing.
- MEFIC REIT's board approved a SAR 834.81 million increase in the fund's total asset value through a Jeddah commercial complex and a Makkah land plot.
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. Argaam published the announcement on October 22, 2026.
MEFIC Capital's Jeddah and Makkah Deadline Extension
MEFIC Capital manages MEFIC REIT, a Saudi Shariah-compliant real estate investment fund, and is a CMA-licensed investment manager offering asset management, private equity, investment banking and REIT products, according to company records. The fund manager said the extension covers two sale and purchase agreements, one for a property in Jeddah and one for a property in Makkah.
The new date is Nov. 30, 2026, or any other date the parties mutually agree upon in writing. MEFIC Capital said the extension replaces the previously agreed date for both agreements.
MEFIC REIT's Asset Increase and Makkah Price Cut
MEFIC Capital revised MEFIC REIT's total asset increase to SAR 770.89 million, down from SAR 834.8 million, according to akta.pro company records. The cut followed a reduced acquisition price for the Makkah property, from SAR 355 million to SAR 302 million, with in-kind units issued to the seller.
MEFIC REIT's board approved a SAR 834.81 million increase in the fund's total asset value through two acquisitions: a commercial complex in Jeddah measuring 66,588.5 sqm for SAR 460 million and a land plot in Makkah measuring 36,000 sqm for SAR 355 million.
Earlier MEFIC REIT Property Moves
On June 21, 2026, MEFIC Capital announced amendments to three conditional MoUs for acquiring properties in Jeddah, Makkah and Jazan, Saudi Arabia, Argaam reported. On June 25, 2026, the MEFIC REIT board approved the SAR 834.81 million increase in the fund's total asset value through the Jeddah commercial complex and the Makkah land plot, Argaam reported.
On September 13, 2026, MEFIC Capital revised MEFIC REIT's total asset increase to SAR 770.89 million from SAR 834.8 million, following the reduced Makkah acquisition price, Argaam reported.
What Comes Next for MEFIC REIT
The extended deadline for the two sale and purchase agreements is Nov. 30, 2026, or any other date the parties mutually agree upon in writing.