Al Hammadi purchases SAR 171.4M land in Riyadh

05/11/2024 Argaam
Logo ofAl Hammadi Holding Co.

Logo of Al Hammadi Holding Co.

Al Hammadi Holding Co. announced today, Nov. 5, the purchase of a land plot in Riyadh worth SAR 171.37 million, excluding real estate transaction tax and commission.

 

According to a statement to Tadawul, the land will be used to build a hospital to support the company’s strategic expansion plans.

 

 

The transaction is bound to strengthen the company's assets and drive significant growth in revenue and returns over the next years, it pointed out.

 

Located in Al Mansiyah district, at the intersection of Sheikh Jaber Al Sabah Road and Al Thamam Road (Al Takhassusi), the land spans 24,480 square meters (sqm), at SAR 7,000/sqm.

 

The deal will be self-financed, the statement noted, adding that the purchase contract was signed with Hamad bin Saedan & Partner Investment Co., with no related parties involved.

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