Selling two plots of land in Medina and Riyadh for 86 million riyals

The Saudi real estate company announced the sale of a plot of land in Al -Madinah Al -Munawwarah, in the eastern neighborhood, with a total area of ​​63,493.34 square meters, at a value of 69,842,674 riyals, and another plot of land in Riyadh, in Al -Zahra neighborhood, with a total area of ​​2,241 square meters, at a value of 15,799,050 riyals.
According to the company’s statement on the circulation of Saudi Arabia, the sale was carried out through an electronic auction held yesterday, with a total value of the two lands of 85,641,724 riyals (not including the tax on real estate and pursuit actions).
The company said: The buyer of the land of Al -Madinah Al -Munawwarah in the Al -Hurra Al -Sharqiya neighborhood, Sultan Zakari Al -Zaki, and the buyer of the land of Riyadh in the Al -Zahra neighborhood of Al -Muhan Investment Company.
The exit process from lands that have been classified as non -essential lands is a strategic step in line with the company’s approved strategy in 2023 AD, which focuses on maximizing the returns of shareholders, diversifying sources of income, and achieving a balanced and healthy capital structure.
The exit from these lands comes as one of the main possibilities to achieve these strategic goals, by providing the necessary liquidity to launch new development projects that contribute to achieving strategic targets.
According to the company, the deal is expected to have a positive impact on the financial results of the company after the completion of the sale.
She noted the use of sales proceeds to finance future company projects.