Key Takeaways
- • Al Ramz Real Estate finalizes acquisition of remaining 77% stake in Al Ahli Aleen Enbar Real Estate Fund for SAR 133 million ($35.5 million), achieving full ownership of the Qurtuba 2 development in Riyadh.
- • Transaction elevates Al Ramz's ownership from 23% (valued at SAR 40 million) to 100%, granting complete operational and strategic control of the mixed-use project.
- • Qurtuba 2 encompasses 130,386 square meters and will feature approximately 1,800 residential units, 250 commercial and office units, and hospitality components in Riyadh's high-demand Qurtuba district along Prince Mohammed bin Salman Road.
- • Al Ramz will secure contracts for development, marketing, sales, operations, and facilities management of the project, with contract values and related fees to be disclosed later per regulatory requirements.
- • Funding will be sourced through internal resources and available credit facilities, contingent on completion of regulatory and contractual procedures and scheduled payment execution.
Summary
Al Ramz Real Estate Company, a Saudi-listed developer, has completed agreements to acquire the remaining units in the Al Ahli Aleen Enbar Real Estate Fund, a transaction valued at SAR 133 million (equivalent to $35.5 million) announced on May 31, 2026. The deal consolidates Al Ramz's position in the fund from a minority 23% stake—representing an initial investment of approximately SAR 40 million—to full 100% ownership, establishing complete operational control over the underlying Qurtuba 2 real estate development project in Riyadh.
The Qurtuba 2 project represents a substantial mixed-use development initiative situated in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road, a corridor also known as the Sports Boulevard. The development encompasses 130,386 square meters and is planned to include approximately 1,800 residential units, around 250 commercial and office units, and hospitality components. Al Ramz's management has emphasized the project's strategic positioning in an area characterized by strong demand and limited supply, factors the company views as supporting long-term investment returns and project viability.
Through this full acquisition, Al Ramz will secure comprehensive operational responsibilities for the project, including contracts spanning development, marketing, sales, operations, and facilities management. The company stated that specific valuations for these service contracts and associated management fees will be disclosed in subsequent regulatory filings. The transaction will be financed through Al Ramz's internal financial resources supplemented by available credit facilities. The deal remains subject to completion of all regulatory approvals and contractual procedures, with payments scheduled according to a mutually agreed timeline between the parties.
This acquisition represents a strategic vertical integration for Al Ramz, transitioning from minority fund investor to sole project owner and operator, thereby eliminating minority shareholder considerations and positioning the company to retain full value from the development and operational phases of the Qurtuba 2 project.
The Qurtuba 2 project represents a substantial mixed-use development initiative situated in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road, a corridor also known as the Sports Boulevard. The development encompasses 130,386 square meters and is planned to include approximately 1,800 residential units, around 250 commercial and office units, and hospitality components. Al Ramz's management has emphasized the project's strategic positioning in an area characterized by strong demand and limited supply, factors the company views as supporting long-term investment returns and project viability.
Through this full acquisition, Al Ramz will secure comprehensive operational responsibilities for the project, including contracts spanning development, marketing, sales, operations, and facilities management. The company stated that specific valuations for these service contracts and associated management fees will be disclosed in subsequent regulatory filings. The transaction will be financed through Al Ramz's internal financial resources supplemented by available credit facilities. The deal remains subject to completion of all regulatory approvals and contractual procedures, with payments scheduled according to a mutually agreed timeline between the parties.
This acquisition represents a strategic vertical integration for Al Ramz, transitioning from minority fund investor to sole project owner and operator, thereby eliminating minority shareholder considerations and positioning the company to retain full value from the development and operational phases of the Qurtuba 2 project.
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