Knowledge Tower acquires SAR 6.3M land in Riyadh

Logo of Knowledge Tower Trading Co. 

Knowledge Tower Trading Co. announced, on Nov. 27, the purchase of land at a value of SAR 6.3 million, excluding Real Estate Transaction Tax (RETT).

In a statement on Tadawul, the company said the of 1,148-square-meter land is located in Riyadh’s Malaz neighborhood. The purchase will be financed from the company's own sources, and the company is committed to pay the RETT in accordance with the regulations.

The purchase came for the purpose of developing the land as an income-generating investment, and as part of the company’s efforts to diversify sources of income, the statement added. The transaction is expected to lead to an increase in the value of assets and expansion of the company's business.

Meanwhile, Knowledge Tower stated that the deal was directly with the owner, Majid Al-Ammar, without the presence of an intermediary, indicating that he is a related party.