Sources to “Maaal” confirm: Ajlan & Bros buys 14 million sqm ‎of land in Eastern Province for SR2.8 bln ‎

“Maaal” has been informed from private sources that Ajlan & Bros Group had bought land in the eastern region with an area of about 14 million square meters, at a value of 2.8 billion riyals.

According to the available information, the raw meter price was 200 riyals. The land is located in a privileged location near Aramco’s Ajyal scheme, while the land to be developed by Ajlan & Bros lies in the middle of the distance between the cities of Khobar and Dhahran, and is also close to Dammam (the capital of the eastern region and its most prominent city).

According to the information obtained by “Maaal”, it is expected that more than 1.7 billion riyals will be pumped into the development of the land, on which preliminary information indicates that residential cities, commercial and health activities will be built on it, in addition to green spaces that keep pace with the requirements of the goals of raising the quality of life to keep up with customers’ needs.

According to this preliminary information, it is expected that the number of housing units for the land development project will not be less than 35 thousand housing units, and this is in line with the increasing demand for housing units, especially in promising economic areas, in light of the projects aimed at expanding the Kingdom’s economy and attracting international companies to the Saudi market.

In the past two years, Saudi Arabia announced a package of measures aimed at raising the commercial and economic movement in the country and attracting major international companies to open their main branches in the Kingdom, in addition to the expected population boom in major cities such as Riyadh, Dammam, Mecca and Medina.

According to real estate agents who spoke to Maaal newspaper, the deal is expected to have a significant positive impact on the price balance in the east of the country, as real estate development in the eastern region is expected to help provide large quantities of real estate units. This comes at a time when the Saudi government is seeking to raise the percentage of citizens’ ownership of housing units by the end of 2030 by 70%.