Saudi Real Estate Company (Al Akaria) has announced the sale of 17 prime plots of land located in the Al Rimal district of Riyadh to Almutamadah Gate for Development and Real Estate Investment and its partners for a total value of SAR145 million ($39 million).

 

Spanning over a total area of 43,290 sq m, these plots were developed by Al Akaria as part of its Al Dhahia Project, said the Saudi Real Estate Company in its filing to Saudi bourse Taadawul.

 

The divestment of non-core lands is a strategic step aligned with the company's approved strategy in 2023, which focuses on maximising shareholder returns, diversifying income sources, and achieving a balanced and healthy capital structure, it stated.

 

The 17 land plots were snapped up during the electronic public auction by Almutamadah Gate for Development and Real Estate Investment; Ali bin Abdulrahman bin Ali Alsanan; Haifa Misfer Sulaiman Almisfer and Ahmed Abdullah Hamad Alhunaitah.

 

This divestment serves as a key enabler to achieve these strategic objectives by providing the necessary liquidity to launch new developmental projects that contribute to meeting the strategic targets, said Al Akaria in its statement.

 

On the financial impact, the Saudi real estate group said the deal is expected to have a positive impact on the company's financial results upon the completion of the sale to the buyers.-TradeArabia News Service