Riyadh –  Saudi Real Estate Company (Al Akaria) signed a memorandum of understanding (MoU) with Al Tahaluf Real Estate Company for a development project in Riyadh valued at SAR 377 million.

Under the two-month agreement, the two entities will establish a special-purpose vehicle to develop 250 residential villa units within the framework of Al Akaria Park’s master plan, according to a bourse disclosure.

The Tadawul-listed company highlighted that the financial impact of the project will be determined after concluding related studies and obtaining regulatory approvals.

It is worth noting that Al Akaria and Al Tahaluf penned the deal on 23 January 2023.

In the first nine months (9M) of 2022, Al Akaria turned profitable at SAR 27.90 million, against net losses after Zakat and tax worth SAR 37.70 million in 9M-21.

Meanwhile, the company’s accumulated losses amounted to SAR 229 million as of 30 September 2022.

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