Areeb Capital, a pioneering asset management company, has announced that one of its investment funds has acquired a ​​32 million sq m plot of land in the heart of Dammam in Saudi Arabia's Eastern Province, for a total value of SAR12 billion ($3.2 billion), thus making it one of the largest real estate deals in the region.

Areeb said it aims to develop the land, which enjoys a strategic location in Al Naseem district on King Faisal Coastal Street, to further establish a qualitative multi-use project that provides promising investment opportunities in line with the Kingdom’s Vision 2030 goals.

Areeb Capital highlighted its success in financing the deal through a group of prominent investors and obtaining banking facilities compatible with the provisions of Sharia law from several Saudi banks.

This reflects the confidence of investors and banks in the company's vision and in the Saudi real estate market in general, it added.

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