Riyadh – Saudi Real Estate Company (Al Akaria) sold 17 land plots with a total area of 43,290 square metres within the Al Dhahia Project, according to a bourse disclosure.

The transaction was implemented through an electronic public auction held on 26 December, for a total value of SAR 145.14 million. Meanwhile, the asset book value stood at SAR 19.41 million.

The buyers were Almutamadah Gate for Development and Real Estate Investment, Ali bin Abdulrahman bin Ali Alsanan, Haifa Misfer Sulaiman Almisfer, and Ahmed Abdullah Hamad Alhunaitah.

Al Akaria will use the proceeds from the sale to finance its future projects.

The divestment of non-core lands is a strategic step aligned with the company's approved strategy in 2023, which focuses on boosting shareholder returns, diversifying income sources, and achieving a balanced and healthy capital structure.

In the first nine months (9M) of 2024, Al Akaria shifted to net profits valued at SAR 26.90 million, compared to net losses worth SAR 89.30 million in 9M-23.

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