Knowledge Tower Expands Investment Portfolio with SAR 6.3 mln Land Acquisition in Riyadh

Knowledge Tower Trading Co. has taken a strategic step towards income diversification with the recent acquisition of a 1,148-square-meter plot in Riyadh City’s Al-Malaz District.

The purpose behind this purchase is to develop the land into a lucrative investment property, involving a significant financial transaction valued at SAR 6.3 million.

In an official statement released on Tuesday, the company highlighted the anticipated positive impact of this investment on its overall operations.

The move is expected to result in an augmentation of the company’s asset value, fostering business expansion.

Additionally, Knowledge Tower Trading Co. has expressed its commitment to fulfilling all regulatory obligations, including the payment of the real estate transaction tax.

Worth mentioning is the fact that the acquisition was facilitated through a direct transaction with a related party, underscoring the direct negotiation between Knowledge Tower Trading Co. and the property owner, Majid bin Mohammed Al Ammar. This direct engagement bypassed the involvement of any intermediaries in the deal.

Buyer: Knowledge Tower Trading Company

Seller: Majid bin Mohammed Al Ammar.