Riyadh – Mubasher: Banan Real Estate Company announced that its board of directors approved the establishment of a new simplified joint-stock company on 16 July 2026.
The new entity will be formed with a total capital of SAR 44.08 million, according to a bourse filing.
Banan Real Estate will maintain a controlling interest of 60.47% in the subsidiary, while the remaining shares will be distributed among several investors, including related parties.
The shareholder structure for the remaining stake includes Mohammed Abdulaziz Al Suwailem and Abdulaziz Al-Suwailem at 9.30% each.
Ahmed Abdulaziz Al Haqbani holds 6.98%, while Abdulmohsen Abdulaziz Al Haqbani and Jawaher Abdulaziz Al Haqbani each hold 4.65%. Badr Sulaiman Al Haqbani and Munira Abdulaziz Al Haqbani hold 2.33% each.
The subsidiary is tasked with land acquisition and real estate development, aligning with the parent company’s strategy to expand its investment portfolio.
Majed Abdullah Al Nasser, the CEO of Banan Real Estate, has been appointed as the General Manager of the new firm.
Financial results for the subsidiary will be consolidated with Banan Real Estate upon the completion of incorporation procedures and the achievement of control under international financial reporting standards.
Earlier this month, Banan Real Estate entered into a strategic agreement with Afaq Al Qimma Al Rabiaa Al Mutatawera Company to spearhead the development and marketing of a new hotel project in Riyadh.
