A sovereign wealth fund has successfully concluded the largest real estate deal ever recorded in the Kingdom. Sources familiar with the matter confirmed to Al-Matalibah newspaper that the fund purchased the farm of King Khalid’s heirs in Diriyah, known as Al-Magtara, Sources indicate that arrangements are currently being made to finalize the deal.

Reports indicate that the farm, for which a sales contract has been signed but has not yet been vacated, covers an area of seven million square meters, with a sale price of 700 riyals per square meter, totaling 4 billion riyals. The farm is located next to historic Diriyah, overlooks Wadi Hanifa, and currently includes date palm plantations and some private resorts.

This deal comes at a time when the Diriyah Governorate has seen significant activity in recent months, marked by the sale and purchase of several well-known sites designated for agricultural use, as well as notable activity on residential land allocated for residential and commercial development.

Experts expect the Diriyah region to witness a qualitative boom in tourism and entertainment projects if the deal is finalized, based on recent real estate activity in Diriyah.

The deal, which is expected to be finalized in the coming days, the second-largest real estate transaction ever executed in Saudi Arabia after the sale of King Fahd’s estate, located north of King Khalid International Airport, which was sold in 2014 for 4.8 billion riyals and covers an area exceeding 66 million square meters, with a sale price at the time of 74 riyals per square meter.

The Al-Mughtara farm is distinguished by its proximity to the urban area and the Western Ring Road, as it directly borders the Al-Khuzama neighborhood. Details regarding the future use of the land have not been disclosed.