Alramz acquires SAR 382.3M commercial land block in Riyadh

Al Ramz Real Estate Co. (Alramz) acquired a commercial land block with a total area of 15,293.4 square meters (sqm), located on King Salman Road in Al-Qairawan district, Riyadh.

The land block was purchased at a price of SAR 25,000 per sqm for the development of multiple mixed-use towers in the Salmani architectural style, at a net value of SAR 382.3 million, excluding real estate transaction tax, and without any preferential terms.

In a statement to Tadawul, the company said the seller is Sarah Al-Mousa, noting that the transaction will be financed through bank facilities available to the company, its internal financial resources, and a portion of the IPO proceeds.

Alramz expects the acquisition to contribute to improving financial performance over the 2026–2029 period, adding that no related parties are involved in the deal.

The company added that the acquisition aligns with its investment strategy aimed at developing mixed-use towers at a strategic location in Riyadh.