Article details
Adeer Real Estate Co. (ADEL) has signed an exclusive marketing and sales contract for a 47-story mixed-use tower in Makkah's Jabal Omar district. The deal, valued at 18% of Adeer's 2025 revenue (SAR 30.23 million), involves selling 471 units under off-plan regulations. The agreement with Areeb Al-Mutatawirah Real Estate Co., a related party, is expected to generate positive financial returns once marketing and sales activities commence. The 36-month contract will be managed by Areeb Capital's real estate fund.
This development highlights Adeer's strategic expansion in Saudi Arabia's premium real estate market, particularly in Makkah, a key location for religious and tourism-driven demand. The project aligns with Saudi Vision 2030's focus on boosting non-oil sectors, potentially attracting both local and international investors. Off-plan sales regulations could accelerate project execution, offering liquidity benefits for Adeer.
For Saudi equity markets, the contract may enhance investor confidence in Adeer's revenue diversification and operational capabilities. Traders should monitor upcoming quarterly reports for updates on project execution progress and revenue recognition. The deal's success could also influence real estate stock valuations in the Tadawul market.
