Riyadh – Mubasher: Saudi Real Estate (Al Akaria) has announced that the Ministry of Commerce and Investment has issued a decree permitting the company to incorporate a closed joint stock company under the name of Alwadian Saudi Real Estate Company.

The new company’s capital will reach SAR 1 billion divided into 100 million shares, according to a filing to the Saudi Stock Exchange (Tadawul).

Alwadian is planned to be headquartered in Riyadh, the company added in a statement.

Al Akaria's new unit will develop Alwadian Project on 7 million square metres land in Al Malqa district.