Al Akaria currently restructuring, undertaking giant projects: chairman

The Saudi Real Estate Co. (Al Akaria) is currently undergoing a revamping process and also developing large-scale projects, Al Arabiya TV has reported, citing chairman, Abdul Rahman Al Mofadhi.

“The company recorded sluggish performance over the past years," Al Mofadhi said, adding that a capital increase was one of the measures used to boost its financial position.

Al Akaria will no longer offer conventional products, but will introduce new and diversified residential, commercial and office products that address the needs of the Saudi citizens, Al Mofadhi noted.

The Saudi market will also witness a number of nontraditional investment opportunities over the coming period.

Earlier this month, Al Akaria’s board of directors recommended increasing capital from SAR 1.2 billion to SAR 2.4 billion via a 100 percent bonus share distribution, or 1-for-1.