Banan's unit buys SAR 43.4M land plot in Riyadh

Logo of Banan Real Estate Co.

Banan Real Estate Co.’s subsidiary, Emaar Al Waseel Al Mutamayza Co., has acquired a 3,512.95-square-meter undeveloped land plot in Riyadh’s Al-Qirawan district for SAR 43.43 million, including real estate transaction tax and brokerage fees.

In a statement to Tadawul, Banan said the deal was concluded today, Aug. 9, and financed from its subsidiary’s capital. The parties to the deal are Emaar Al-Waseel and the heirs of the late Abdullah bin Saleh bin Ibrahim Al-Murshidi.

Banan plans to develop the land and has arrangements in place to lease the project. Further details will be disclosed in due course.

The deal is expected to expand Banan’s real estate portfolio and boost future revenue by developing the project and leasing its various components, supporting the company’s long-term cash flows. The transaction does not involve any related parties.