Enma AlRawabi finalizes purchase of SAR 27.7M land plots in Northern Riyadh

Logo of Enma Alrawabi Co.

Enma AlRawabi Co. finalized the purchase of 17,410 square meters (sqm) in land plots in Northern Riyadh for SAR 27.7 million from Tharawat Riyadh Industrial Fund.

The acquisition supports the company’s expansion and warehouse development plans, according to a Tadawul filing today, March 25.

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The deal was financed through Enma AlRawabi’s internal resources. The company reduced its financial obligations by SAR 5.04 million after making the final payment. No related parties were involved in the deal.

Ownership transfer has been completed, with title deeds now registered under Enma AlRawabi. This should strengthen the reliability of its recorded assets and enhance its legal and financial positions.

The company is updating the market valuation of the lands, currently booked at SAR 27.7 million. The related financial impact is expected to be reflected positively in 2025, thus boosting its financial strength, net asset value, and shareholders’ equity.

Enma AlRawabi signed the purchase agreement in mid-2018 for the 17,411.36-sqm land plots.

The lands were expected to be ready within a year, but restrictions on sales, purchases, and subdivisions in Northern Riyadh caused delays.

A partial fund liquidation in 2022 left a balance of SAR 5.04 million, which was settled in 2025, when the land deed transfer was finalized.

This acquisition enhances the company’s logistics services, bringing total land and logistics holdings to 113,000 sqm. It aligns with the company’s vision to lead in smart, sustainable logistics development in Saudi Arabia.