Saudi Oger's Arjwan Red Sea land in Jeddah sells for SAR 1.3 bln

Arjwan Red Sea land plot

Adeer Real Estate Co. announced selling Arjwan Red Sea land plot, which is one of the properties owned by Saudi Oger Ltd. in Jeddah, for SAR 1.3 billion.

The land, which spreads across 281,840 square meters (sqm), is strategically located in Jeddah. It directly overlooks the waterfront and is positioned between King Abdulaziz Road and Prince Faisal bin Fahd Street.

In February, Adeer signed an agreement with the bankruptcy trustees of Saudi Oger to market and sell the latter's properties, according to data compiled by Argaam.

The Commercial Court in Riyadh decided to liquidate Saudi Oger and implement all articles of the bankruptcy law to satisfy creditors’ claims, amounting to SAR 21 billion.