Saudi Real Estate Co. (Al-Akaria) said in a filing to Tadawul that the board gave the go-ahead for buying a raw land plot spreading over 7.1 million sq m in the North of Riyadh at a total value of SAR 2.13 billion.
The deal will be funded through raising Islamic financing from a local bank.
The land will be used in real estate projects to boost the company’s revenues after developing the land in the next four years.