Areeb Capital acquires a SAR 12bln land in Dammam

To develop a qualitative multi-use projectEastern Province, KSA, 16 September 2024

Press Release

September 16, 2024

PHOTO

“Areeb Capital”, a pioneering asset management company, announced that one of its investment funds acquired a 32 million square meter plot of land in the heart of “Dammam” in the Eastern Province, for a total value of SAR 12 billion, making it one of the largest real estate deals in the region.

The company revealed its intention to develop the land, which enjoys a strategic location in Al-Naseem district on King Faisal Coastal Street, to 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.

Notably, “Areeb Capital” is licensed by the Capital Market Authority (CMA) of the Kingdom of Saudi Arabia, with license number 30-08119.

Send us your press releases to pressrelease.zawya@lseg.com

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

© ZAWYA 2024