Saudi Real Estate Company (Al-Akaria) signed a contract with Alinma Investment to buy 4.5 million square meters of land worth SAR 1.8 billion north of Riyadh, to build new projects.
Alinma will establish a real estate fund to finance the project after getting the required approvals,
the real estate developer said in a statement to the Saudi stock exchange.
In October 2014, Al-Akaria bought 7.1 million square meters of undeveloped land worth about SAR 2.13 billion in the same area of Riyadh, financed through loans from National Commercial Bank, Argaam previously reported.
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