In a deal worth over 727 million riyals, Saudi Real Estate Company a real estate deal to purchase approximately 2 million square meters of undeveloped land in eastern Riyadh, north of Dammam Road in the Al-Qadisiyah- Al-Marjan, following the signing of a contract with Afaq Al-Qadisiyah Real Estate Company. The real estate company clarified that the deal will be financed from the company’s own resources in addition to bridge financing from a local bank.

On this occasion, the company’s CEO, Ibrahim bin Mohammed Al-Alwan, confirmed that the land purchase aligns with the company’s recently approved strategy, which aims to acquire and develop undeveloped land.

The company aims to develop the land with infrastructure and then sell it as developed residential plots, as well as using some plots for commercial and residential real estate projects. The company seeks to contribute to achieving the objectives of the housing strategy by providing more land and residential units and increasing homeownership rates.