According to a bourse filing, the Al Dhahia Project saw the sale of 17 land plots totaling 43,290 square meters by Saudi Real Estate Company (Al Akaria).
An electronic public auction with a total value of SAR 145.14 million was used to carry out the deal on December 26. The asset book value was SAR 19.41 million at the time.
Almutamadah Gate for Development and Real Estate Investment, Ahmed Abdullah Hamad Alhunaitah, Haifa Misfer Sulaiman Almisfer, and Ali bin Abdulrahman bin Ali Alsanan were the purchasers.
The sale’s revenues will be used to fund Al Akaria’s next initiatives.
The company’s authorized 2023 strategy, which focuses on increasing shareholder returns, diversifying revenue streams, and attaining a balanced and sound capital structure, is in line with the strategic move of selling off non-core lands.
Al Akaria experienced net gains of SAR 26.90 million in the first nine months (9M) of 2024 as opposed to net losses of SAR 89.30 million in 9M-23.
