Saudi Arabia-listed Alramz Real Estate has acquired a large commercial block in Riyadh for more than SAR 382.3 million ($101.9 million).

The block, consisting of several plots of land totalling 15,293.41 square metres in the Al Qirawan District, will be used for the development of mixed-use towers, including residential, commercial and office buildings, the real estate firm said on Thursday.

The plots, located along King Salman Road, one of Riyadh’s high-growth areas, were purchased from Sarah bint Mousa bin Hamad Al-Mousa at SAR 25,000 per square metre.

Alramz has secured the funding for the new investment through a mix of bank facilities, internal cash and offering proceeds. The firm expects the acquisition to boost its financial results from 2026 to 2029.

(Writing by Cleofe Maceda; editing by Brinda Darasha)