Saudi Real Estate Co (AlAkaria) has bought 1.91 million sq.m of land east of Riyadh for $194 million. The land will be used for infrastructure development, the real estate firm said in a statement to the Saudi Stock Exchange (Tadawul).
The land was purchased from Ofoq Al Qadisiyah Real Estate Company.
The purchase of the raw land, which is east of Riyadh, north of Dammam Road, Al Qadisiyah District and Al Marjan, is to be funded with company resources and bridge financing from a local bank, the statement said.
The company said it plans to develop the infrastructure of the land, sell it as developed plots for use in real estate projects.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
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