Riyadh – Mubasher: Saudi Arabia-based RAFAL Real Estate Co. has announced exiting two projects worth a combined value of SAR 1.4 billion ($370 million) in a bid to develop new projects during the coming period.

RAFAL sold its entire stake in Burj Rafal Hotel Kempinski in the Saudi capital to Riyad REIT at a value of SAR 749 million, and also sold Marvela project to Jadwa REIT at a consideration of SAR 606 million, according to an official statement.

The deals will enhance Rafal’s financial position as one of the leading firms in the real estate sector, CEO Abdulrahman Bajunaid commented.

Rafal is also looking to invest the liquidity generated from these transactions in developing a slew of projects in Riyadh, Bajunaid said.