Al Akaria signs SAR 377 mln MoU to develop 250 villas in Riyadh project

Logo of Saudi Real Estate Co.

Saudi Real Estate Co. (Al Akaria) signed today, Jan. 23, a memorandum of understanding (MoU) with Al Tahaluf Real Estate Co. to establish a special purpose vehicle to develop 250 residential villas within Al Akaria Park masterplan in Riyadh at an estimated development cost of SAR 377 million, the company said in a statement to Tadawul.

The financial impact of the MoU, which is valid for two months, will be determined after completing all related studies and procuring the required approvals from relevant authorities.

There are no related parties to the MoU, the statement said.

Al Tahaluf Real Estate Co, owned by Hamad bin Muhammad bin Saedan and Partners for Investment and Hovnanian M.E. Investments, specializes in construction all types of residential buildings.