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.
