Enma AlRawabi acquires residential and commercial block for SAR 47.2M

It was sold by the heirs of Abdul Mohsen Saad Abdulaziz bin Saeed. The deal was financed from the company’s resources.

The residential and commercial block is intended for development as part of the company's strategy to expand its real estate portfolio. The project aims to establish mixed-use (commercial/residential/service) facilities in line with the company's strategy to develop high-value assets that generate sustainable operational and capital returns.

The transaction aims to optimize the use of the purchased property by integrating it into the company's real estate development portfolio, enhancing the efficiency and returns of the portfolio and maximizing the company's future profits.

The acquisition is expected to have a positive impact on the company's overall financial position, as it strengthens the balance sheet and expands the asset base within the “development assets” category.

The property is strategically located in the Al-Suwaidi Al-Gharbi district, near the western station of the Riyadh Metro, one of the primary stations within the Riyadh Metro project. This location aligns with the company's strategy of focusing on high-potential areas surrounding major infrastructure projects, enhancing accessibility and investment appeal in line with Vision 2030, which aims to improve quality of life and develop urban projects.

It is also close to major healthcare facilities such as King Salman Hospital and Dr. Sulaiman Al-Habib Hospital, and within a fully developed urban area with essential services and retail markets, making it an ideal choice for multi-use real estate development.

There are no related parties to the deal, Enma AlRawabi said, adding that any material updates will be duly announced.