Banan buys land plots in Riyadh for SAR 20 mln

21/09/2023 Argaam

Banan buys land plots in Riyadh for SAR 20 mln

Logo of Banan Real Estate Co. 

Banan Real Estate Co. announced today, Sept. 21, that it has completed the purchase of land plots in Al-Qadisiyah district, Riyadh, for a total value of SAR 19.94 million.

 

The total area represents 25% of blocks No. 15, 18, 19, and 20 of scheme No. 1358/B. This area is estimated at 10,069 square meters, Banan said in a statement to Tadawul, adding the deal will be financed from the Shariah-compliant credit facilities secured from Riyad Bank.

 

The deal aims to grow the company’s real estate portfolio, Banan said, expecting better earnings and revenues in 2023.

 

The land buyer is Fahad Saad Al-Marzouq. On the other hand, Naif Abdullah Al Sufian, a board member, bought the remaining 75% space, the statement concluded.

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