ZAWYA-NEWS: Al Ramz Real Estate acquires full stake in Riyadh real estate fund

ALRAMZ
Tadawul All Shares Index

ALRAMZ

4327.SA

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Tadawul All Shares Index

TASI.SA

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Staff Writer

Saudi-listed Al Ramz Real Estate has acquired the entire remaining stake in the Al Ahli Aleen Enbar Real Estate Fund, in a transaction worth SAR 133 million ($35.5 million). 

The deal will increase the company’s ownership in the fund from 23% to 100%, giving it full control over the Qurtuba 2 project, a large mixed-use development in Riyadh.

The company’s current stake in the fund is valued at roughly SAR 40 million.

The acquisition will be financed through the company’s own resources and available credit facilities, and is subject to the completion of standard regulatory and contractual requirements.

The company’s share price has gained 3.68% YTD, trading at SAR 56.30 apiece.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com

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