Logo of Al Saedan Real Estate Co.
Al Saedan Real Estate Company announced the acquisition of a residential-commercial masterplan in the northeast of Riyadh, for nearly SAR 2 billion. The acquisition was completed through the establishment of a real estate investment fund in partnership with ANB Capital.
In a statement to Argaam, Al Saedan Real Estate Company explained that the residential-commercial masterplan is located in the northeast of Riyadh on Thumama Road, spanning an area of about 900,000 square meters. Over 1,750 residential units, including villas and apartments, will be built, in addition to various commercial and educational spaces, to be sold after development.
The agreement was signed in the presence of Sultan Alkhudair, CEO of Al Saedan Real Estate Co., and Abdullah Al-Mousa, Head of Real Estate Investments at ANB Capital.
Sultan Alkhudair, CEO of Al Saedan Real Estate Company, said the establishment of the fund with ANB Capital is a crucial step towards achieving the company’s previously announced strategy, which targets SAR 6 billion investments in multi-sector development projects and the establishment of residential, commercial, and office real estate funds. He added that the establishment of the new fund will boost the size of current and upcoming investments under the company’s plans to around SAR 8 billion.
Meanwhile, Samir Rajab, Investment Manager at Al Saedan Real Estate Company, said this acquisition is one of the most important steps taken by the company to enhance its support for real estate development projects, which will contribute significantly to achieving lucrative returns and enhancing its investment goals.
Talal Al-Najjar, General Manager of Business Development, said the acquisition of this 900-sqm masterplan in Riyadh will deliver the company’s strategic objectives and stimulate the real estate sector’s growth in the Kingdom, contributing to increasing home ownership among nationals in line with the Saudi Vision 2030.
Alkhudair earlier told Argaam that the company plans to complete more than 40 projects valued at more than SAR 6 billion.
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