Riyadh – Mubasher: Banan Real Estate Company has purchased a 10,069 square metres land plot in the Al Qadisiyah district in Riyadh for SAR 19.93 million.

The transaction, which was completed on 31 August 2023, was funded through Islamic facilities provided by the listed Riyad Bank, according to a bourse disclosure.

Banan Real Estate said that the purchase of the land plot is part of its strategy to expand its real estate portfolio, noting that the impact of the transaction is expected to reflect as higher profits and revenues in 2023 financial results.

The asset represents 25% of a total area, which the remaining 75% of it was purchased by Naif Abdullah Al Sufian, a board member of Banan Real Estate.

Last July, Banan Real Estate unveiled its intention to transfer the company's shares from the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) to the main market All Share Index (TASI).