Saudi-listed Al Ramz Real Estate Company said it has signed agreements to acquire the remaining units in a private real estate investment fund that owns the Qurtuba 2 development in Riyadh, in a deal valued at SAR 133 million ($35.5 million).
The transaction will raise Al Ramz's ownership in the Al Ahli Aleen Enbar Real Estate Fund from 23% to 100%, giving the company full control of the project as it seeks to expand its exposure to strategically located real estate developments in the Saudi capital.
In a filing to the Saudi Stock Exchange, the company said it currently owns 23% of the fund's units, representing an investment of approximately SAR 40 million. Upon completion of the acquisition, Al Ramz will become the sole owner of the fund.
The fund owns the Qurtuba 2 project, a planned mixed-use development located in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road, also known as the Sports Boulevard corridor. The project spans about 130,386 square metres and is expected to include around 1,800 residential units as well as approximately 250 commercial and office units, alongside hospitality components.
Al Ramz said the project's location in an area characterised by strong demand and limited supply enhances its investment potential and long-term prospects.
In addition to acquiring the fund units, the company said it will secure contracts related to the development, marketing, sales, operations and facilities management of the project. The value of those contracts and related fees will be disclosed at a later stage in accordance with regulatory requirements.
The acquisition will be financed through the company's internal resources and available credit facilities.
The transaction remains subject to the completion of regulatory and contractual procedures and the execution of payments according to an agreed timetable between the parties.
Al Ramz said the acquisition aligns with its strategy of increasing ownership in high-quality real estate projects in Riyadh and strengthening long-term investment returns.
The company expects the transaction to contribute positively to its financial performance over the period from 2026 to 2031.
The agreements were signed on May 21, according to the filing. -TradeArabia News Service
Send us your company’s news today and they could be featured on ABC’s Community News tommorow.
