Saudi Real Estate Company announced that it has signed an agreement with Alinmaa Investment Company to purchase a raw land plot north of Riyadh with an area of about (4.5) million square meters at a price of (400) riyals per meter at a total cost of approximately (1.8) billion riyals for the purpose of using it in real estate projects.

<The financing will be through the establishment of a real estate fund licensed by the Capital Market Authority and managed by Alinmaa Investment Company after obtaining the necessary regulatory approvals, noting that there are no related parties. Eight months ago, the company announced that its board of directors approved the purchase of raw land in the north of Riyadh with an area of 7.1 million square meters worth 2.13 billion riyals, and the selling price per square meter of the land is 300 riyals per meter, the company will pay 100 million riyals as an advance payment of the value of the land and the rest upon emptying.

The company will pay 100 million riyals as an advance payment of the value of the land and the rest upon emptying.