Danat Al-Khobar, successfully, exceptionally, Sold, with Value over SR63,916,711 mln, by Rikaz Real Estate

“Rikaz Real Estate” achieved exceptional success in selling “Danat Al-Khobar” with a total value over SR63,916,711 million, during the public auction, organized by the company, under the supervision of the Real Estate Contributions Committee “Tasfiah”, of the General Real Estate Authority.

The auction was professionally organized by “Rikaz Real Estate” company, which achieved a remarkable and unsurprising success.

Rikaz Real Estate provided a live broadcast on its electronic platform rikazlive.com, for those interested in following up with the event, highlighting the great experience and positioning Rikaz Real Estate as a trusted authority for many companies as well as government and private agencies.

As a result of this outstanding investment opportunity in terms of its strategic location in the south of Al-Khobar and its area of 93,633.71 square meters, the auction witnessed a high level of presence of senior businessmen, investors, and real estate development companies.

Such opportunity allows establishing residential or commercial projects that keep pace with the aspirations of Saudis and promote the concept of life quality in order to achieve the goals of the Kingdom’s Vision 2030, as well as to contribute to the real estate market with projects that provide various housing solutions to help Saudi families own adequate housing and achieve their dreams.

The success of the auction confirms the strength of the Saudi economy, and the recovery of Saudi real estate market after the recession during the past year due to the pandemic.

The continuous support from the government of the Custodian of the Two Holy Mosques has contributed to such recovery, by providing various facilities, incentives and benefits to attract investors, which resulted in the persistence of the vitality of this sector, and consequently the prosperity of the national economy.