Anaam buys residential, administrative building in Jeddah for SAR 23 mln

Logo of Anaam International Holding Group

Anaam International Holding Group purchased an administrative and residential building in Jeddah through a public auction for SAR 23 million, the company in a statement on Tadawul today, June 22.

The move aims to enhance the company's investments by purchasing income-generating assets and diversifying the group's business in the real estate sector.

The property includes four office floors, a ground floor, a basement, and 16 apartments. Each floor spans over an area of 1,740 square meters.

The transaction was self-financed, with the company paying the deal value by a bank check in favor of the seller, Jisr Al Namaa Real Estate Office and Amin Al Saeed, on property transfer.

The deal's financial impact is expected to reflect on the company's revenues as of Q1 2023.