Real Estate

Revenues of the real estate developer shrank by 46% yearly in 2020.

28 February 04:29 PM Sumou Real Estate reports higher annual profit, plans 50% capital raise

Riyadh – Mubasher: Sumou Real Estate Company’s net profit for 2020 increased by 2.3% on a yearly basis, reaching SAR 71.38 million. Revenues of the real estate developer shrank by 46% in 2020 to SAR 97.2 million from SAR 179.99 million in 2019, …

Financial Results

The termination is effective as of 23 February 2021.

23 February 04:18 PM Taiba’s unit ends contractual relationship with Millennium & Copthorne Middle East Holdings

Riyadh – Mubasher: Taiba Investments Company on Tuesday said its fully-owned subsidiary, Al Aqeeq Real Estate Development Company, has terminated the hotel management agreements signed with Millennium & Copthorne Middle East Holdings Limited on 30 …

The credit facility will increase Amlak International’s ability to finance its clients.

17 February 10:11 AM Amlak International extends, amends SAR 664.5m loan with SAIB

Riyadh - Mubasher: Amlak International for Real Estate Finance has renewed and amended a Sharia-compliant credit facility agreement with the Saudi Investment Bank (SAIB) valued at SAR 664.5 million. The one-year credit facility is guaranteed by an …

Companies Investments

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16 February 10:33 AM Sumou Real Estate announces early settlement of SAR 110m loan

Riyadh – Mubasher: Sumou Real Estate Company has early settled a loan it had obtained from a local bank worth SAR 110 million. This settlement will contribute to lowering financing expenses, positively reflecting on the company's financial results …

Real estate prices inched up by 0.1% in Q4 on a quarterly basis.

21 January 10:34 AM Saudi real estate price index down 0.2% in Q4

Riyadh – Mubasher: Saudi Arabia’s real estate price index levelled down by 0.2% year-on-year (YoY) in the fourth quarter (Q4) of 2020. This drop was attributed to lower prices of commercial real estate by 1.9%, according to data from the General …

The resort is expected to be one of the largest leisure tourism destinations in Saudi Arabia.

17 January 04:43 PM Emaar to support development of Rixos Emerald Shores resort project

Riyadh – Mubasher: Emaar The Economic City has signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Company, Albilad Investment Company, and Ekofine Holding BV to establish a SAR 1.8 billion closed and …

Companies Investments

The FPF event will see the attendance of more than 37 government and private bodies.

17 January 11:19 AM Third edition of Future Projects Forum to kick off in March

Riyadh – Mubasher: Saudi Contractors Authority (SCA) announced that the 2021 edition of the Future Projects Forum (FPF) will take place virtually from 22-24 March, state-run Saudi Press Agency (SPA) reported on Sunday. The FPF event is one of …

The Social Development Bank will provide interest-free financings with a two-year grace period.

5 January 01:00 PM REGA, Social Development Bank launch real estate excellence programme

Riyadh – Mubasher: The Saudi Real Estate General Authority (REGA) and the Social Development Bank (SDB) launched on Tuesday the real estate excellence programme with the aim to finance and support small real estate entities, Saudi Press Agency …

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5 January 12:22 PM Sumou Holding acquires Jeddah’s Lamar Towers Project

Riyadh – Mubasher: Sumou Holding Company has acquired Lamar Towers Project in Jeddah city after receiving a go-ahead from the Off-Plan Sales or Rent Programme (WAFI). The acquisition aims to protect the project’s rights and obligations, including …

Companies Investments

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31 December 2020 04:26 PM Sumou pens swap agreement in real estate projects

Riyadh – Mubasher: Sumou Real Estate Company and Sumou Holding Company signed a swap agreement on 30 December 2020. Under the agreement, Sumou Real Estate increased its additional contributions in Al-Dhahiya El-Ghrbiya Company in Makkah city by …

The limit of withdrawable facilities is SAR 600 million.

29 December 2020 04:27 PM Mulkia Investment pens financing deal with Al Rajhi Bank

Riyadh – Mubasher: Mulkia Investment Company, manager of Mulkia Gulf Real Estate REIT Fund, has signed a Sharia-compliant financing agreement with Al Rajhi Bank to reduce financing costs and extend the loan term for the benefit of the unitholders. …

The transaction is expected to have a positive effect on Jabal Omar’s financials.

13 December 2020 04:46 PM Jabal Omar sells land plot for SAR 830m

Riyadh – Mubasher: Jabal Omar Development Company on Sunday signed a contract to sell a plot of land located at the company’s project site in Makkah city to an investment company. The transaction has been concluded at SAR 830 million and the buyer …

The deal carries a maturity period of 18 months.

13 December 2020 10:48 AM Sumou Real Estate pens deal to develop land in Eastern Province

Riyadh – Mubasher: Sumou Real Estate Company penned an agreement with AWJ Development and Real Estate Investment Ltd. to develop raw land located in the Eastern Province and spanning 213,000 square meters. The 18-month contract has no specific …

Revenue for the quarter ended in September 2020 shrank by 99.21% annually.

10 December 2020 04:41 PM Jabal Omar Development posts 79% higher quarterly loss

Riyadh – Mubasher: Jabal Omar Development Company’s net losses surged by 78.9% on a yearly basis in the third quarter (Q3) of 2020 to reach SAR 237.74 million. The rise in quarterly losses was due to a decrease in revenue, coupled with an increase …

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6 December 2020 01:38 PM REDF empowers over 73K Saudi women to own homes

Riyadh – Mubasher: More than 73,800 Saudi women have benefitted from the real estate loans granted by the Saudi Real Estate Development Fund (REDF) as part of its efforts to empower women to own the first home until the end of October 2020. …

Town Center is located at the intersection of the Ring Road and Cairo-Ismailia Road

2 December 2020 10:56 AM Marakez opens new mall in Egypt with EGP 260m investments

Cairo – Mubasher: Marakez for Real Estate Investment, a mall development company owned by Saudi Fawaz Abdulaziz Alhokair, inaugurated Town Center with investments of more than EGP 260 million. Town Center, spanning over 64,000 square metres (sqm) …

Companies Investments

The private fund’s investments goals are to offer investors a stable stream of income.

30 November 2020 04:24 PM Two Jadwa Investment funds invest SAR 500m in private real estate fund

Riyadh – Mubasher: Jadwa Investment on Monday announced that Jadwa REIT Saudi Fund and Jadwa REIT Al Haramain Fund have invested SAR 450 million and SAR 50 million, respectively, in a closed-ended Shariah-compliant private real estate investment …

Part of the signing ceremony.

25 November 2020 10:37 AM ROSHN signs SAR 1.6bn strategic partnerships for ROSHN Riyadh

Riyadh – Mubasher: ROSHN, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has signed contracts worth SAR 1.6 billion to start contracting work of Phase One of its first project in Riyadh city. Rezaik Abdullah Algedrawy Contracting …

Companies Investments

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24 November 2020 00:36 PM Makkah court orders SAR 2.2bn for State Properties General Authority

Riyadh – Mubasher: Makkah General Court has issued a ruling of SAR 2.2 billion in favour of the State Properties General Authority (SPGA) after the latter had paid the amounts for the confiscation of two real estate properties in Makkah. …

Revenue came in at SAR 114 million during the July-September period.

11 November 2020 03:45 PM Red Sea International quarterly losses deepen 60%

Riyadh – Mubasher: Red Sea International Company’s third-quarter losses increased by 60.6% on an annual basis to stand at SAR 44.8 million due to lower revenues and gross profits. The Tadawul-listed firm generated SAR 114 million in revenue during …

Financial Results

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11 November 2020 09:39 AM Al Akaria turns to losses in Q3

Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) turned to net losses of SAR 8 million in the third quarter (Q3) of 2020, versus net profits of SAR 9 million in the corresponding period in 2019. The move to losses came as the company …

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10 November 2020 04:09 PM Dar Alarkan swings to SAR 18.6m quarterly loss

Riyadh – Mubasher: Dar Alarkan Real Estate Development Company moved to a quarterly loss of SAR 18.59 million, compared with a profit of SAR 134.87 million last year. Third-quarter revenue plunged by 56.5% on a yearly basis to SAR 391.24 million, …

Revenue of the real estate developer registered SAR 71.5 million in Q3-20.

2 November 2020 04:15 PM Amlak International quarterly profit down 6%

Riyadh - Mubasher: Amlak International for Real Estate Finance’s third-quarter (Q3) net profits dropped by 6.3% on an annual basis to reach SAR 23.2 million. This drop was largely ascribed to lower customer-related revenues by SAR 6.6 million and …

The four-year loan will finance the Khaiala residential project (Dar Sumou).

26 October 2020 10:52 AM Sumou Real Estate pens SAR 64m loan with Banque Saudi Fransi

Riyadh – Mubasher: Sumou Real Estate Company on 25 October signed a sharia-compliant credit facility agreement with Banque Saudi Fransi (BSF) for SAR 64 million. The four-year loan will finance the Khaiala residential project (Dar Sumou) with the …

Companies Investments

The project is predicted to have a positive impact on Al-Andalus Mall and the fund.

26 October 2020 09:51 AM AlAhli REIT Fund 1 buys land plot for SAR 43.5m

Riyadh – Mubasher: NCB Capital, manager of AlAhli REIT Fund 1, said that the fund’s Board of Directors approved commencing the project to develop and expand Al-Andalus Mall, one of the fund’s properties. The expansion will be carried out by adding …