Al-Akaria inks deal to buy SAR 1.8 bln worth of land in Riyadh

06/07/2015 Argaam

Saudi Real Estate Company (Al-Akaria) signed a contract with Alinma Investment to buy 4.5 million square meters of land worth SAR 1.8 billion north of Riyadh, to build new projects.

 

Alinma will establish a real estate fund to finance the project after getting the required approvals,

the real estate developer said in a statement to the Saudi stock exchange.

 

In October 2014, Al-Akaria bought 7.1 million square meters of undeveloped land worth about SAR 2.13 billion in the same area of Riyadh, financed through loans from National Commercial Bank, Argaam previously reported.

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