Alramz inks agreements to acquire 77% stake in Al Ahli Aleen Enbar Fund for SAR 133M

Logo of Alramz Real Estate Co. (Alramz)

Alramz Real Estate Co. (Alramz) signed agreements to acquire the full shareholder units in Al Ahli Aleen Enbar Real Estate Fund, which owns "Qurtuba 2" project in Riyadh, situated on a total land area of 130,390 square meters.

This acquisition is in line with the company's strategy to strengthen its ownership in strategic projects with viable investment returns, Alramz said in a statement to Tadawul.

Alramz currently owns 23% of the fund units, valued at SAR 40 million. It will further acquire the remaining units for SAR 133 million, bringing its total ownership to 100% of the fund's units.

The project is located in Qurtuba district on Prince Mohammed Bin Salman Road (Sports Boulevard), and is a mixed-use development.

The project is expected to comprise approximately 1,800 residential units and approximately 250 commercial and office units. Its strategic location within a high-demand, limited-supply area further enhances its investment appeal and prospects for success, the statement added.

The company also noted that it will secure contracts for the development, marketing, sales, operations, and facilities management of the project.

The value of such contracts and associated fees will be determined at a later stage and disclosed, along with any material developments or events, in due course in accordance with applicable regulations and guidelines.

The transaction is expected to contribute positively to the company's financial performance over 2026-2031.

This step comes as part of the company's strategy to increase its ownership in high-quality real estate projects in Riyadh and to enhance long-term investment returns through the development of a mixed-use project in a strategic location.

The transaction is subject to the completion of all relevant regulatory and contractual procedures, and the execution of payments in accordance with the timeline agreed upon between the parties.

Any material developments will be disclosed in due course, Alramz indicated, confirming that no related parties are part to the deal.