RIYADH: Saudi Real Estate Co., known as Al Akaria, made a purchase of a SR727 million ($194 million) raw land in the east of Riyadh, North of Dammam Road, for infrastructure development.

The total area of the land is 1.9 million square meters, according to a bourse filing.

The transaction was made to develop the infrastructure of the land and sell it as developed plots, with the aim to raise the value of the company's assets and revenues.

Founded in 1976, Riyadh-based Al Akaria operates within the Kingdom’s real estate development sector to deliver residential, retail, and commercial projects.

Copyright: Arab News © 2022 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.