KHC sells residential complex for $240m
01 March 2024
Kingdom Holding Company (KHC), a Saudi conglomerate with interests in key sectors such as hotel management, real estate and equity, has sold its residential complex – Kingdom City – to a real estate fund affiliated with Alawwal Investment, a company fully owned by First Saudi Bank, for SR900 million ($240 million).
Located in the Al Rabie neighbourhood of Riyadh, Kingdom City is one of the most prominent luxury residential complexes in the Saudi capital and is situated at the intersection of Al Thumama Road and King Abdulaziz Road.
The residential complex features 384 residential units along with other key facilities for residents. The Saudi conglomerate stated that there will be no change in the name and the complex will continue to be known as ‘Kingdom City’.
KHC also said it will participate in a new fund that owns ‘Kingdom City’ and will announce the percentage of participation on a later date.
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