Ladun ends partnership with Mawten to develop mixed-use project

Logo of Ladun Investment Co.

Ladun Investment Co. signed an agreement on Dec. 31, 2024, to terminate the partnership with Mawten Real Estate Co. to develop a mixed-use tower project in Makkah.

The agreement was terminated after a change in the strategic investment plan of both parties, Ladun said in a statement to Tadawul. Accordingly, the two parties agreed to terminate the contract amicably.

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The decision was reached after an extensive study of the expected impacts, to achieve the best interest of both parties.

Ladun confirmed that there is no financial impact since the termination was mutually agreed, and both parties waived all rights and obligations stipulated in the signed contract. Both parties were fully and irrevocably released from any financial or legal liabilities.

In October 2024, Ladun signed a partnership agreement with Mawten to develop a mixed-use real estate project. The project was to include 935 luxury serviced residential units, which would be sold off-plan, along with commercial shops and showrooms.