Kingdom Holding sells residential complex in Riyadh for SAR 900M

Logo of Kingdom Holding Co. (KHC)

Kingdom Holding Co. (KHC) sold its Kingdom City residential complex in Riyadh's Al Rabie district to a real estate investment fund affiliated with Al Awal Investment Co., which is owned by Saudi Awwal Bank, for SAR 900 million.

The company will participate in the new fund that owns the Kingdom City residential complex, with the percentage of participation to be announced later. The fund's strategy is to increase the residential complex's revenues while also improving the quality of life by raising operational efficiency, according to KHC.

The Kingdom City residential complex, which comprises 384 residential units, is located at the intersection of Al-Thumama Road and King Abdulaziz Road, near King Abdullah Financial District, the Sports Track project, King Salman Airport, and Roshan Front, and its name will remain unchanged, according to KHC.