Mulkia REIT acquires land plot in Dammam for SAR 33.4M

22/05/2025 Argaam
Logo ofMulkia Gulf Real Estate REIT Fund

Logo of Mulkia Gulf Real Estate REIT Fund

Mulkia Investment Co., manager of Mulkia Gulf Real Estate REIT Fund, announced today, May 22, the acquisition of a new asset for SAR 33.4 million (excluding tax and brokerage fees), according to a statement on Tadawul.

 

The new asset is a commercial land plot in Al Faisaliyah, Dammam. It is located on Omar Bin Al-Khattab Road and spans 11,140 square meters (sqm), the statement added.

 

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Mulkia Investments expects the deal to positively impact the REIT by enhancing diversification across real estate activities and geographic locations.

 

The fund’s returns are also projected to improve after completing development plans tied to the asset.

 

The land lies adjacent to West Avenue Mall, an existing REIT property. It will be used to expand and diversify the mall's activities, further positioning it as a key shopping destination in Dammam.

 

The transaction includes Gulf Real Estate Co. (GRE) as a related party, the seller, which owns over 5% of the REIT’s units. The company confirmed that no preferential terms were applied.

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