Saudi-listed Saudi Arabian Refineries Company (SARCO) is set to acquire commercial land in Riyadh for SAR 33 million ($8.8 million).

The company confirmed on Wednesday it had won the auction on the Mubasher Auctions (Enfead) platform to purchase the 103,140-square-metre property on Al-Kharj Road in Riyadh.

The new investment follows SARCO’s recent expansion efforts, including the establishment of a new storage services subsidiary earlier this month.

The purchase value of the property excludes the 5% real estate transaction tax (RETT) and applicable brokerage fees.

(Writing by Cleofe Maceda; editing by Brinda Darasha)