Al Othaim Investment, Ledar sign agreement to build 10 residential towers for SAR 500 mln

The signing ceremony

Abdullah Al Othaim Investment Co. entered into an investment and real estate development agreement with Ledar to develop a 20,000 square meter-land plot owned by the former in Dammam, at the intersection of King Fahd Road in the north and Rabiah bin Khuwaylid in the west.

Under the agreement, Ledar will build and market 10 residential towers with more than 600 residential units at a total cost of up to SAR 500 million.

The agreement was signed by Meshaal Bin Omairh, CEO of Al Othaim Investment and Ahmed Al-Suhaim, CEO of Ledar, in presence of Abdullah bin Saleh Al Othaim, Chairman of Al Othaim Investment, and Mohammed Abdullah Al Othaim, Chairman of Ledar.

Commenting on the deal, Bin Omairh said the land to be developed by Ledar is located within the full-fledged “Al Othaim Park” project, which will be implemented by Al Othaim Investment in Dammam. The project will be established on an area of 224,000 sqm. It will comprise a modern shopping mall, a world-class hotel and residential towers. The project is strategically situated on the most important road in Dammam near key services centers in the city.

On the other hand, Al-Suhaim stressed that entering into an agreement with Abdullah Al Othaim Investment Co. to develop and build several investment residential towers in one of the key investment locations in Dammam city is one of the most important real estate deals for the company during 2023. It is a strong addition to the company’s portfolio in the field of real estate development and investment.

Al Othaim Investment embarked on construction work at its full-fledged Al Othaim Park project in Dammam with more than SAR 1.5 billion investments.