Taiba acquires SAR 136.4 mln land in Madinah

05/03/2020 Argaam

 

Taiba Investments Co. signed a binding purchase agreement with the heirs Habib Mohammed Ahmed to acquire a land plot in Madinah for SAR 136.4 million.

 

Located in the neighborhood of Syed Al-Shuhada, the land spans over an area of 46,400 square meters and will be used in future real estate projects, the company said in a bourse filing.

 

Taiba will finance the transaction from its own resources, and the payment will be made after the evacuation of the land, the statement added.

 

The financial impact of the transaction will be reflected on the property, plants and equipment for Q1 2020.

 

No related parties are involved in the deal, the real estate developer added.

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