Al Rashid Industrial buys 2 land plots in Riyadh for SAR 8.6 mln

Logo of Al Rashid Industrial Co.

Al Rashid Industrial Co. purchased two adjacent land plots for nearly SAR 8.6 million in Riyadh Industrial City through Nasser Fahad Al-Jofan Foundation Auction managed by the Entrustment and Liquidation Center (Infath). 

The total area of the two land plots is about 8,477 square meters, the company said in a statement to Tadawul. The first plot covers 3,808 square meters (sqm), while the second plot has an area of 4,669 sqm. 

The two land plots were awarded to Al Rashid Industrial, with the sale procedures, ownership transfer, and handover completed on Sept. 27, 2023.  

The purchase was financed using the company's liquidity.  

There are no related parties in the deal, the statement added. 

The deal aims to support Al Rashid Industrial’s investment in central warehouses in Riyadh. The move is expected to enhance the efficiency of the company's storage, shipping, and distribution operations for its products.