Itqan Real Estate continued its track record of excellence in organizing auctions, achieving yet another success yesterday evening, Wednesday, with the sale of the entire Taybah Model Warehouses project in southern Riyadh, which comprises 107 warehouse and commercial land plots with a total value of nearly 379 million riyals, including tax and brokerage fees.

The Taiba Model Warehouses project is distinguished by its strategic location, surrounded by a network of roads in the southern part of the capital. Spanning one million square meters, the project represents an investment opportunity in Riyadh, the political and economic decision-making center of the Kingdom.

For his part, Mr. Abdulaziz bin Fahd Al-Rashid, Chairman of the Board of Directors of Itqan Real Estate Company, praised the competition among bidders and the well-organized auction, which adhered to modern technologies and health protocols approved by official authorities to prevent the spread of the coronavirus, noting that the Kingdom has become a focal point for many foreign companies thanks to the depth of the Kingdom’s Vision 2023, which has bolstered investment expansion. He emphasized that the relocation of foreign companies" headquarters to the Kingdom has contributed to the high demand for land in the Taiba Model Development.

In concluding his statement, Al-Rashid extended his congratulations to those who successfully purchased lots in the Taybah Model Warehouse Development, and expressed his thanks and appreciation to all businesspeople, developers, and citizens who participated in the auction.