Aljada Aloula Real Estate Development Company announced a new strategic investment: the full acquisition of the "Jadat Al-Aamal - Al-Qayrawan" tower project, located in one of the most vibrant areas north of Riyadh on King Salman Road in the Al-Qayrawan district. The deal, valued at approximately SAR 310 million, reflects the company's commitment to expanding its real estate portfolio in high-growth areas.
Details of the deal and acquisition
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company clarified that the acquisition was completed through the purchase of the partners' shares in the Jadwa Capital Avenue Real Estate Fund, thereby transferring 100% ownership of the project to Aljada Aloula Company. The company indicated that the financing for this significant transaction will be achieved through a combination of the company's own resources and bank facilities and financing, confirming the company's financial strength and its ability to manage cash flow efficiently.
Strategic importance of the project site
This acquisition is particularly significant given the project's prime location in the Al Qayrawan district of northern Riyadh. Northern Riyadh is currently the capital's premier investment destination, experiencing unprecedented urban and commercial development in line with the goals of Saudi Vision 2030, which aims to position Riyadh among the world's top 10 city economies. King Salman Road, a major artery connecting the city's key areas, provides the Business Avenue Tower with a significant competitive advantage in terms of accessibility and proximity to vital landmarks and upcoming major projects.
Project specifications and completion rates
The project is situated on a 7,728-square-meter plot and boasts a substantial built-up area totaling 38,065 square meters. Designed to offer approximately 15,000 square meters of leasable space, it is an ideal destination for businesses and commercial sectors seeking high-end headquarters. Regarding the project's progress, the company confirmed that construction is nearing completion, with approximately 90% of the work finished. Full completion is planned for the first quarter of 2026.
Financial impact and future prospects
This acquisition is part of the "First Avenue" strategy, which aims to maximize asset value and effectively manage the investment portfolio to enhance operational and capital returns. The company expects the positive financial impact of this transaction to begin appearing in its financial results starting from the first half of 2027. The company also emphasized its commitment to transparency and disclosure, noting that Board Member Khalid Al-Qahtani is a related party due to his ownership of investment units in the selling fund, and this was handled in accordance with applicable regulations.
