Riyadh – Mubasher: Saudi Arabia's Batic Investments and Logistics Company on Wednesday announced that it has signed a memorandum of understanding (MoU) on Tuesday, 13 February, with Abbar Company and Dar Al Abbar.

The MoU entails Batic's acquisition of real estate assets and land plots assessed preliminary at a total value of SAR 200 million ($53.3 million), according to the company’s statement on the Saudi Stock Exchange (Tadawul).

The trucking transportation and logistics firm will also purchase Abbar Company’s warehouses located in Jeddah and Khamis Mushait, in addition to a land plot in UAE, and six real estate assets in the Saudi cities of Tabuk, Najran and Jizan. 

The company will also purchase five real estate assets owned by Dar Al Abbar that are located in Jeddah, Riyadh and Dammam.

The period of the MoU will be ended by 30 June 2018, according to the statement.