Thursday, 25 July 2024

EXCLUSIVE: Real Estate Consortium by Al-Ajlan and Arab buys massive raw land north Riyadh for SR4 billion


Private and highly reliable sources told “Maaal” newspaper that an investment consortium concluded a major real estate deal worth nearly SR four billion.

The consortium includes two real estate companies led by Abdullah bin Fahad Bin Abdullah Al Ajlan (Al-Ajlan Global) and Engineer Muhammad Talal Arab (Northern Oasis Real Estate Company), confirming that the consortium bought a vast land area north of Riyadh, the sources revealed.

The sources also said the land is considered an economic and high-value destination, as all deal details are expected to be announced during the coming period.

اقرأ المزيد

The huge real estate deal comes after another real estate deal that exceeded SR2 billion in the lands of King Khalid Airport with a well-known economic interface that “Maaal” has revealed exclusively during the past weeks, but it has not been officially announced yet.

The new real estate deal comes north of the airport after the launch of the master plan for King Salman International Airport to make Riyadh a gateway to the world, a global destination for transport, trade and tourism, and a bridge linking East and West, which establishes the Kingdom’s position as a global logistics hub.

It is expected that the airport area, in the south and north, in particular, will witness zeal during the coming period in light of the trend towards developing King Salman International Airport

It will be one of the largest airports in the world. It will extend over an area of approximately 57 km², which includes the current terminals under the name of King Khalid Terminals, six runways, in addition to 12 km² of support facilities, residential and entertainment assets, shops, and many logistical facilities.

This movement coincides with the city of Riyadh’s ambitions to be among the ten largest cities in the world and to keep pace with the continuous growth in the population of the capital, which aims to reach between 15 and 20 million people by 2030.

The Saudi economy is witnessing a great movement, as it is considered the largest economy of the G20 in terms of growth during the current year, 2022, and one of the economies that overcome the repercussions of the coronavirus pandemic, as the Kingdom has achieved development leaps, compared to the countries of the Group of Twenty.