Key Takeaways
- • Al Ramz Real Estate Company will acquire full ownership of the Al Ahli Aleen Enbar Real Estate Fund in a deal valued at $35.5 million (SAR 133 million), raising its stake from 23% to 100% and establishing complete control of the Qurtuba 2 development.
- • The Qurtuba 2 project spans approximately 130,386 square meters in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road and will comprise around 1,800 residential units, 250 commercial and office units, plus hospitality components upon completion.
- • Al Ramz's current 23% ownership stake represents approximately $10.6 million in invested capital; the company will finance the remaining acquisition through internal resources and available credit facilities.
- • In addition to equity acquisition, Al Ramz will assume management contracts covering development, marketing, sales, operations, and facilities management of the project; related contract values will be disclosed in future regulatory filings.
- • The strategic acquisition reflects Al Ramz's expansion strategy in Riyadh's high-demand real estate corridor, positioning the company to capitalize on limited supply dynamics in the Qurtuba district.
Summary
Al Ramz Real Estate Company has signed definitive agreements to acquire all remaining units in the Al Ahli Aleen Enbar Real Estate Fund, the entity holding the Qurtuba 2 development in Riyadh. The transaction, valued at $35.5 million, will elevate Al Ramz's ownership from its current 23% stake—representing approximately $10.6 million in prior investment—to 100% ownership, granting the company sole control of the fund and project.
The Qurtuba 2 development is a mixed-use project spanning approximately 130,386 square meters located in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road, commonly referred to as the Sports Boulevard corridor. Upon completion, the project will deliver approximately 1,800 residential units alongside 250 commercial and office units, with additional hospitality components integrated into the development. Al Ramz's assessment of the project's investment potential centers on the location's characteristics of strong market demand coupled with constrained supply in the district, positioning the asset for long-term value appreciation.
Beyond the fund unit acquisition, Al Ramz will assume operational contracts for development, marketing, sales, operations, and facilities management of the Qurtuba 2 project. The company indicated that valuation and fee structures associated with these operational contracts will be disclosed in subsequent regulatory filings in compliance with Saudi Stock Exchange requirements. The acquisition will be financed through Al Ramz's internal resources combined with available credit facilities, avoiding external equity or debt dilution to existing shareholders.
The transaction reflects Al Ramz's strategic expansion within Riyadh's premium real estate segments and consolidates management authority over a significant mixed-use asset in a high-visibility corridor. With full ownership established, Al Ramz gains unilateral control over project execution timelines, pricing strategy, unit mix optimization, and value-add initiatives across both residential and commercial components.
The Qurtuba 2 development is a mixed-use project spanning approximately 130,386 square meters located in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road, commonly referred to as the Sports Boulevard corridor. Upon completion, the project will deliver approximately 1,800 residential units alongside 250 commercial and office units, with additional hospitality components integrated into the development. Al Ramz's assessment of the project's investment potential centers on the location's characteristics of strong market demand coupled with constrained supply in the district, positioning the asset for long-term value appreciation.
Beyond the fund unit acquisition, Al Ramz will assume operational contracts for development, marketing, sales, operations, and facilities management of the Qurtuba 2 project. The company indicated that valuation and fee structures associated with these operational contracts will be disclosed in subsequent regulatory filings in compliance with Saudi Stock Exchange requirements. The acquisition will be financed through Al Ramz's internal resources combined with available credit facilities, avoiding external equity or debt dilution to existing shareholders.
The transaction reflects Al Ramz's strategic expansion within Riyadh's premium real estate segments and consolidates management authority over a significant mixed-use asset in a high-visibility corridor. With full ownership established, Al Ramz gains unilateral control over project execution timelines, pricing strategy, unit mix optimization, and value-add initiatives across both residential and commercial components.
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