Anaam Holding buys real estate asset for SR23 mln

For the purpose of expanding and diversifying the company’s investments and acquiring income-generating assets, a real estate asset (residential and administrative building) was purchased on Prince Muhammad Bin Abdulaziz Street – Jeddah City through a public auction, the asset is worth SR 23 million.

Purchasing a real estate building consists of an administrative residential building on Prince Muhammad bin Abdulaziz Street (the most vital location in the city of Jeddah) and consisting of 4 floors, offices and apartments.

An administrative residential building consisting of 4 office floors, a ground floor, a basement and 16 apartments, the area of each floor is 1740 m, located on a main and vital street, formerly Tahlia Street in Jeddah.

The company said that the purchase aims at enhancing the company’s investments by purchasing income-generating assets and diversifying the group’s business in the real estate sector.

The financial impact on the company’s revenues will be reflected in the first quarter of 2023.