Mulkia Investment Completes Acquisition of Commercial Land

Mulkia Investment Company announced the completion of procedures to acquire a commercial land plot adjacent to the fund’s existing asset, West Avenue Mall.

In a statement on Tadawul, the company stated that the newly acquired property will be utilized to expand and diversify West Avenue Mall’s operations, reinforcing its position as a premier shopping destination in Dammam.

The deal involved a related party, Gulf Real Estate Company, which owns more than 5% of the fund’s units. The transaction was executed without any preferential terms.

The fund manager expects the acquisition to positively impact the fund by enhancing diversification across activities and geographies, as well as boosting returns once planned development projects on the property are completed.