Riyadh – BAAN Holding Group Company, formerly known as Abdulmohsen Alhokair for Tourism and Development, secured two strategic agreements on 29 December 2024, according to a bourse disclosure. 

BAAN inked a SAR 178.50 million deal with Al Oula for Real Estate Development Company and Ajdan Real Estate Development Company to acquire 86 residential units in Adjan Waterfront Project Tower in Al Khobar City.

The second agreement with Abdul Mohsen Al Hokair Holding Group Company aimed at taking over six properties on which three hotels are constructed in Riyadh and Jeddah at an amount of SAR 651.62 million.

The two transactions align with the Tadawul-listed company’s strategy to maintain its focus on the Saudi market by reinforcing its leading position across various regions.

BAAN also seeks to improve its market presence through the development of its existing hotel and real estate portfolio.

Capital Hike

The company plans to increase its capital by 96.80% to SAR 619.96 million from SAR 315 million.

Rebranding

Last November, the firm changed its trading name on Tadawul from Alhokair Group to BAAN Holding Group Company.

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