Saudi-based asset management company Areeb Capital announced on Monday that one of its investment funds acquired a 32-million-square-metre plot of land in Dammam in the Eastern Province for a total value of 12 billion Saudi riyals ($3.2 billion).

The Capital Market Authority (CMA)-licensed firm said in a press statement that it intends to build a mixed-use development on the plot located in Al-Naseem district on King Faisal Coastal Street.

The deal was financed with the support of group of investors and Sharia-compliant banking facilities from several Saudi banks, but details weren’t disclosed.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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