Alandalus unit buys SAR 83.8M land in Riyadh to develop logistics warehouses

Logo of Alandalus Property Co. 

Alandalus Property Co. said its wholly-owned subsidiary, Marafiq Alandalus Allujistiyah Co., purchased a land plot designated for logistics use in Al Mashael District, Riyadh, for SAR 83.8 million, including real estate transaction tax and brokerage fees.

The transaction, concluded on Oct. 18, was sealed with Ahmed Suliman Al Fahad & Sons Co., Alandalus said in a disclosure to Tadawul.

The land purchase aims to develop high-quality logistics warehouses and storage spaces, developed in line with applicable laws and regulations as well as the needs of relevant authorities.

The land covers 44,550 square meters. The transaction was financed through a combination of internal resources and bank facilities, Alandalus noted, adding that no related parties are involved.

The deal aligns with Alandalus’ expansion plans and is set to boost revenue in line with its announced strategy and deliver added value for shareholders, the statement added.

The company expects the financial impact of the transaction to be reflected in its financial statements during Q4 2026, stating that it will disclose any material developments related to the land’s development in due course.

The transaction, according to Alandalus, aligns with its 2026-2030 strategy, which targets the diversification of its investment portfolio and expansion in the logistics sector.

According to data available on Argaam, Alandalus’ board in January approved launching its five-year strategy (2026-2030).

The strategy focuses on five main pillars:

1- Enhancing operational efficiency and expanding the asset base.

2- Developing investment partnerships and creating new business models.

3- Digital and technological transformation to enhance operational performance.

4- Strengthening corporate culture and business sustainability.

5- Developing the brand and corporate identity.