“Al-Mozaini Real Estate” sells Al-Alia residential scheme for over SR2 bln

Al Mozaini Real Estate Company announced the signing of an agreement to sell the Al Alia residential scheme located east of Riyadh, which has an area of more than three million square meters, at a value of more than 2 billion riyals.

The Vice Chairman of the Board of Directors of Al Mozaini Real Estate Company, Ahmed bin Muhammad Al Mozaini, said: That the signing of the Al Alia scheme sale agreement comes within the company’s strategy, through which it seeks to provide the necessary liquidity to finance projects for its huge expansion plans, find a balance in the company’s capital structure, and use the revenues to pay off long-term financial loans.

The Vice Chairman explained; the company currently has several projects that it is developing in Riyadh and the Western Region, two projects have been completed and development is currently underway for other projects with an area of more than 20 million square meters.

Ahmed Al Mozaini added that the company aims, through the comprehensive development of projects, to build residential neighborhoods with a concept consistent with the quality of life and with a variety of products between residential villas, apartments and developed lands.

Al Mozaini emphasized that the company has a strategy to expand the development of projects in several regions with a variety of products commensurate with the needs of the real estate market.