Hamad Bin Saedan signs SAR 45M deal to acquire 36 logistics plots

Logo of Hamad Mohammed Bin Saedan Real Estate Co.

Hamad Mohammed Bin Saedan Real Estate Co. signed an agreement on Sept. 28 with Alameriah Investment Co. to acquire 36 logistics land plots with a total area of 50,020 square meters (sqm) for SAR 45.02 million, according to a statement to Tadawul.

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Part of the transaction will be financed through a bank loan, while the remainder will be covered from the company’s own resources, it said.

The company plans to develop the plots into logistics warehouses as part of its strategic growth and sustainability objectives, and to support the Kingdom’s logistics sector under Vision 2030.

The deal is expected to boost revenue growth in the coming years once the project is completed and becomes operational, the company added, noting there are no related parties involved in the transaction.