The Saudi Real Estate Company (Al Akaria) announced the sale of 17 land plots with a total area of 43,290 square meters within the Al-Dhahiya project, developed by the company in the Al-Rimal district of Riyadh. The sale was conducted through an online public auction on Thursday, December 26, 2024.
According to a statement from the company to "Tadawul Saudi" on Sunday, the 17 land plots were sold for a total value of approximately SAR 145.15 million (excluding real estate transaction tax and brokerage fees).
Transaction Details: The sale involved four buyers:
- Al-Moatamada Gate for Real Estate Development and Investment
- Ali bin Abdulrahman bin Ali Al-Sanan
- Haifa Mesfer Sulaiman Al-Mesfer
- Ahmed Abdullah Hamad Al-Huneita
The transaction was completed on December 25 and 26, 2024, with the plots valued at SAR 19.4 million in the company's books. The statement did not specify the financing method used.
Strategic Significance: Al Akaria clarified that the lands sold were classified as non-core assets, and this divestment aligns with the company’s 2023 strategy. This strategy focuses on:
- Maximizing shareholder returns
- Diversifying income streams
- Achieving a balanced and healthy capital structure
The sale of these lands is considered a key enabler for achieving these strategic objectives by providing liquidity for launching new development projects that contribute to the company’s targets.
Financial Impact: The transaction is expected to have a positive impact on the company's financial results after the sale is completed. The proceeds will be used to fund the company’s future projects.
