Tuesday 16 April 2024

Kingdom Holding sells prime Saudi residential complex for $240m

RIYADH, February 20, 2024

Kingdom Holding Company (KHC), a Saudi conglomerate with interests in key sectors such as hotel management, real estate and equity, has sold its residential complex - Kingdom City - to a real estate fund affiliated with Alawwal Investment, a company fully owned by First Saudi Bank, for SAR900 million ($240 million). 
Located in the Al Rabie neighbourhood of Riyadh, Kingdom City is one of the most prominent luxury residential complexes in the Saudi capital and is situated at the intersection of Al Thumama Road and King Abdulaziz Road. 
The residential complex features 384 residential units along with other key facilities, ideal for residents and their families.
It is distinguished by its proximity to current and future quality projects in Riyadh, such as the King Abdullah Financial Center, the Sports Boulevard Project, King Salman Airport, and Rosan Front, stated KHC. 
The Saudi conglomerate stated that there will be no change in the name and the complex will be known as 'Kingdom City'.
Announcing its next move, KHC said it will now participate in a new fund that owns 'Kingdom City' and will announce the percentage of participation on a later date.
The Fund’s strategy is to grow the revenues of the residential complex and improve the quality of life by raising operational efficiency, improve the level of service, and provide the finest facilities, it stated.
Spanning across the six continents, KHC boasts assets worth over SAR50 billion ($13.2 billion) covering 18 sectors ranging from hotel management, real estate and hotel properties, digital media and entertainment to financial and investment services, e-commerce, petrochemicals, education, health care and aviation, transportation, alternative financing, as well as futuristic sectors such as energy, artificial intelligence and mining.-TradeArabia News Service


More Construction & Real Estate Stories

calendarCalendar of Events