01 Company Profile & Track Record

A Jeddah platform built to deliver Atlas fast — and to operate it long after handover.

1.1

Organizational overview

Xtopia Developments is the real estate development arm of the Xtopia group — a Jeddah-headquartered platform operating across the Kingdom's principal growth corridors: Riyadh, Jeddah, Mecca and Medina.

FULL VALUE CHAIN

Land strategy & feasibility → master planning & design management → delivery, sales & asset stabilisation.

OWNS THE ECOSYSTEM

Food & Beverage, Hospitality, Sport and Landscaping held in-house — the same anchors that underpin the Atlas superstructure vision.

GLOBALLY BENCHMARKED

Sustained R&D and international networking embed cutting-edge design, technology and operating practice into every project.

1.2

Why Xtopia delivers Atlas fast

Speed to execution

A lean senior decision-making team, pre-existing delivery infrastructure and a consortium ready to mobilise compress the critical path from appointment to ground activity — directly answering the fund manager's expectation of a fast-tracked roadmap.

Relationships that de-risk approvals

Senior-level relationships within the Amanah (Jeddah municipality) and relevant ministries give Atlas privileged early engagement on zoning, permitting and regulatory alignment — a core competitive advantage the RFP weights heavily.

1.3

STRONG PARTNERS

Consortium partners

Superstructure JV

Masterplanner / HBU

Mohammed Aldhabaan & Partners — Eversheds Sutherland

Legal counsel

Design & approvals

Infrastructure + funding

1.4

Track record — three success stories

Representative deliveries by Xtopia consortium partners.

RIYADH

CLIENT NAMETMG REAL ESTATE DEVELOPMENT KSA

SCALE — AREA10,000,000 sqm

JEDDAH

CLIENT NAMEASAS AL INMA

SCALE — AREA~ 630,000 sqm

JEDDAH

ONGOING

CLIENT NAMEPRIVATE

SCALE — AREA~ 1,000,000 sqm

1.5

Infrastructure delivery partner — Al Ojaimi Contracting

To deliver the horizontal infrastructure, Xtopia has an initial agreement in place with Al Ojaimi Contracting — one of the Kingdom's most established contractors. Al Ojaimi joins the consortium as both the infrastructure-execution lead and an equity-aligned delivery partner.

                        Class 1
                      

highest grade

                         SAR   38bn+
                      

projects completed

                        42 yrs
                      

in the Kingdom

Directly relevant scope of works

Road networks

Primary & internal road grid across the masterplan

Backfilling & landscaping

Site preparation, earthworks & public-realm landscaping

MV electricity networks

Medium-voltage power distribution to all plots

Water networks

Potable & irrigation water reticulation

Drainage & sewage

Stormwater & foul drainage across the site

Telecoms networks

Communications infrastructure to plots

02 Vision for Development

Atlas is an infrastructure-led serviced-land subdivision — elevated by community anchors that lifts blended land value across the whole scheme.

The mandate — base case

Xtopia enables the land through horizontal infrastructure, utilities and regulatory-ready plots — maximising plot value through a clear frontage hierarchy.

PRIMEPrime commercial along King Abdulaziz Road

SECONDARYSecondary commercial along Al Safa Road

COREEfficient residential core through the interior

The value-creation overlay — with Arada

On a defined portion of the land, Xtopia and Arada develop vertically into a mixed-use, community-led destination — the engine that lifts blended land value across the entire scheme.

This is how Atlas becomes worth more than the sum of its plots: distinctive masterplanning and placemaking, not raw serviced land alone.

Superstructure anchors — the value drivers

01

Food & Beverage

Curated dining & social destinations that activate the public realm and draw daily footfall.

02

Sports & Wellness

Active-lifestyle anchors that differentiate the destination and support its positioning.

03

Education

Schooling & learning provision that underpins residential demand and long-term absorption.

04

Healthcare

Clinical & wellbeing services that complete the live-work-play offer and de-risk sales velocity.

                      ~60%
                    

of developable land

A deliberate efficiency trade: within the superstructure portion, efficiency is set intentionally below the 60% baseline — to make room for the lifestyle, community and public-realm elements that create the premium.

03 Conceptual Development Plan

A confirmed site geometry, resolved into three measured land-use components.

3.2

Land-use structure (measured)

ZoneLocationLand areaFloorsIndicative GFA

Western commercialKing Abdulaziz (W)56,068 m²7~275,000 m²

Eastern commercialAl Safa (E)22,101 m²2 (+roof)~31,000 m²

Residential coreCentre (~471 plots)432,059 m²2.5~756,000 m²

Total—510,228 m²—~1,062,000 m²

Land split — commercial 15.3% · residential 84.7% GFA split — commercial ~28.8% · residential ~71.2% Blended plot ratio — ~2.08

Indicative GFA applies a 70% building efficiency to each zone (land area × efficiency × floors). High-level assumptions pending the Colliers masterplan and validation.

04 High-Level Area Program — Scenario A

A residential-led program with concentrated commercial frontage value.

Residential core

432,059 m² · 84.7%

Western commercial

56,068 m² · 11.0%

Eastern commercial

22,101 m² · 4.3%

Indicative GFA by zone

Residential core~756,000 m²

Western commercial~275,000 m²

Eastern commercial~31,000 m²

                        ~1,062,000
                      

m² total GFA

                        ~477
                      

total plots

Land useLand area (m²)% of siteIndicative GFAPlots

Western commercial King Abdulaziz56,06811.0%~275,0004

Eastern commercial Al Safa22,1014.3%~31,0002

Residential core432,05984.7%~756,000~471

TOTAL510,228100%~1,062,000~477

Internal roads, utilities and public realm are accommodated within the residential parcel. Indicative GFA at 70% building efficiency. Confirm against the Colliers masterplan before issue.

05 Financial Outline

An infrastructure-led base case — with a superstructure uplift in the aspire scenario.

5.1

Feasibility summary — Scenario A

LineBasis / assumptionValue

Land valueSAR 4,144/sqm × 510,228≈ 2.11 bn

Infrastructure / hard costSAR 200 × 510,228 sqm~102.0 m

Soft costs & DM fees10% + 10% of hard cost~20.4 m

Contingency5% of hard cost~5.1 m

Gross sales proceeds~SAR 4,800 blended /sqm≈ 2.67 bn

Project IRR / margin18-month hold · project margin ~9.3%~17%

Land value at SAR 4,144/sqm; gross proceeds ~SAR 2.45 bn (≈ SAR 4,800/sqm blended). Sales commission (2.5%) is paid by buyers to agents and is not a cost to the development; only the 0.75% developer S&M fee is carried (see §6).

5.2

Pricing & absorption rationale

most weighted

Plot pricing is benchmarked against comparable serviced-land transactions along the King Abdulaziz / Al Safa corridors.

Prime commercial — King AbdulazizSAR 17,000–19,000 / sqm

Secondary commercial — Al SafaSAR 11,000–13,000 / sqm

Residential coreSAR 5,500–7,500 / sqm

Absorption window~2 years, phased quarterly

Benchmark rates shown as draft (dashed) — to be evidenced by Colliers comparables & absorption study.

5.3

Superstructure value uplift — Scenario B

The Arada superstructure overlay is the principal value-creation lever in the aspire case. The uplift comes from three compounding sources:

Pricing premium

On plots adjacent to and benefiting from superstructure amenities + premium vs base

Faster absorption

Driven by destination footfall and the live-work-play offer

Blended land-value increase

From the ~SAR 4,144/sqm base toward a premium blended rate on the enhanced masterplan

06Commercial Proposal

A fee structure aligned to performance — and honest about what is, and isn't, a project cost.

6.1

Fee structure

10%

Development management fee

Of project cost, excluding land

                      0.75%
                    

Developer sales & marketing

Carried in the development cost

                      2.5%
                    

Sales commission

Paid by buyers to agents — not a project cost

20%

Performance promote

Of profit above a 12% IRR hurdle

The distinction matters for the feasibility: only the 0.75% developer S&M fee sits in the cost stack; the 2.5% agent commission is borne by buyers and therefore does not dilute project returns.

6.2

Inclusions & exclusions

Included in scope

—Development management & programme delivery

—Procurement oversight

—Sales & marketing coordination

—Reporting & governance

Excluded — boundary to confirm

—Land cost

—Statutory / government fees

—Financing costs

—Vertical construction, if out of scope

07Equity Participation

A fully-funded delivery structure — the consortium takes full equity, funds the build, and is repaid only as Atlas sells.

The Xtopia-led consortium takes full equity participation in the development — and critically, funds the development itself. Al Ojaimi Contracting carries the development cost on its own balance sheet and recovers monies owed from sales revenue as plots and built product sell.

Stronger alignment

A powerful expression of "skin in the game" — the consortium's economics are bound to delivery and absorption, not a fixed fee.

Capital efficiency

Because dev cost is funded through the contractor and recovered from sales, the fund's upfront cash requirement is minimised.

Fund-account mechanics · TBC

Funding routes through the contractor against sales recovery; precise treatment within the fund vehicle to be confirmed with the manager & Eversheds.

08Delivery Timeline

A deliberately fast-tracked sequence — appointment to exit in approx. two years.

Senior Amanah and ministry relationships accelerate approvals, a consortium ready to mobilise shortens the gap between appointment and ground activity, and lean internal decision-making removes the delays that typically slow mandates of this scale.

Phase 0

MOU & DMA execution; fund close

Jul 2026

Phase 1

Masterplan finalisation & Amanah approvals

Jan 2027

Phase 2

Enabling works & infrastructure — stage 1

Aug 2027

Phase 3

Plot servicing & first commercial releases

Sep 2027

Phase 4

Residential releases & absorption

Jan 2028

Phase 5

Completion & fund exit

Mar 2028

09TEAM CREDENTIALS

ALI AL SHAREEF - 25+ YEARS EXPERIENCE - XTOPIA CEOAYOUB BUHDEIMA - 22+ YEARS EXPERIENCE - XTOPIA COO

SALEM AL OJAMI - 27+ YEARS EXPERIENCE - AL OJAMI CEOMARWAN ZAGHLOUL - 30+ YEARS EXPERIENCE - AL OJAMI - PLANNING & DEVELOPMENT DIRECTOR

AHMED ABBAD SAILAN - 22+ YEARS EXPERIENCE - AL OJAMI EXEC MANAGERHISHAM AHMAD - 30+ YEARS EXPERIENCE - AL OJAMI - REGIONAL MANAGER

10Developer Consortium Structure

A consortium where partner strength and superstructure value reinforce one another.

Hub — lead developer & development manager

                    Xtopia Developments
                  

Superstructure JV

Joint delivery of the vertical superstructure on ~50% of the land; brand, scale & masterplanned-community track record

Masterplanner / HBU

Masterplan, HBU, zoning strategy, comparable & absorption evidence — the inputs the RFP weights most

Infrastructure + funding

Class 1, 42 yrs, SAR 38bn+. Funds dev cost & recovers from sales; roads, drainage, water, MV power, telecoms, earthworks

Design & approvals

Engineering design, approvals & authority liaison; technical submissions to secure permits & regulatory sign-off

Legal counsel

JV, fund & DMA structuring; PDPL, RETT, SCCA arbitration & Saudi-law compliance

11Risk & Dependency Notes

Risks identified up front — each with a clear, actionable mitigation.

Risk / dependencyImpactMitigation

Parcel-size discrepancy in RFPMasterplan geometry errorRaised as a clarification question; verify cadastral references

Northern-road rezoning (aspire case)Aspire GFA unachievablePresent aspire as contingent; Colliers HBU to validate; senior Amanah & ministry relationships support rezoning

Zoning / Amanah approval timingProgramme slipEarly engagement leveraging senior municipal relationships; realistic case assumes existing zoning only

Commercial absorption riskSales proceeds shortfallPhased commercial releases; superstructure anchors drive absorption; Colliers evidence

Land valuation Feasibility swingStated subject to fair market valuation; independent valuation to confirm

A credible, low-risk route to a landmark Jeddah destination.