Key Takeaways
- • Al Ramz Real Estate Company has signed agreements to acquire the remaining 77% stake in Al Ahli Aleen Enbar Real Estate Fund, raising its ownership from 23% to 100%, in a transaction valued at SAR 133 million ($35.5 million).
- • The acquisition grants Al Ramz full control of the Qurtuba 2 mixed-use development in Riyadh's Qurtuba district, a strategically positioned project along Prince Mohammed bin Salman Road (Sports Boulevard corridor) spanning 130,386 square meters.
- • Qurtuba 2 is expected to comprise approximately 1,800 residential units, 250 commercial and office units, and hospitality components, positioning Al Ramz to capture demand in a high-growth micromarket with limited supply.
- • Beyond the unit acquisition, Al Ramz will secure contracts for development, marketing, sales, operations, and facilities management of the project, with additional contractual values to be disclosed in compliance with regulatory requirements.
- • The Saudi-listed developer will finance the acquisition through internal resources and available credit facilities, with completion contingent on regulatory approvals and contractual procedures.
Summary
Al Ramz Real Estate Company, a Saudi Arabia-based real estate developer and property management firm listed on the Saudi Stock Exchange, has entered into agreements to acquire full ownership of Al Ahli Aleen Enbar Real Estate Fund. The transaction elevates Al Ramz's stake from its current 23% ownership—representing an investment of approximately SAR 40 million—to 100% control, with the acquisition valued at SAR 133 million ($35.5 million).
The fund owns the Qurtuba 2 project, a significant mixed-use development located in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road, a major commercial and residential corridor known as the Sports Boulevard. The development encompasses approximately 130,386 square meters and is planned to include roughly 1,800 residential units, 250 commercial and office units, and hospitality components. Al Ramz has highlighted the project's strategic positioning in an area characterized by strong demand dynamics and constrained supply, enhancing its long-term investment prospects.
The acquisition scope extends beyond equity ownership. Al Ramz will also secure operational contracts covering development, marketing, sales, operations, and facilities management of the Qurtuba 2 project. The financial terms associated with these service contracts will be disclosed subsequently in accordance with Saudi regulatory requirements.
The company plans to fund the acquisition through a combination of internal resources and available credit facilities. The transaction remains subject to standard regulatory and contractual completion procedures, with payments scheduled according to a timetable agreed between the parties. This move represents Al Ramz's strategic effort to consolidate control of high-value real estate assets in Riyadh and strengthen its exposure to premium locations in the Saudi capital.
The fund owns the Qurtuba 2 project, a significant mixed-use development located in Riyadh's Qurtuba district along Prince Mohammed bin Salman Road, a major commercial and residential corridor known as the Sports Boulevard. The development encompasses approximately 130,386 square meters and is planned to include roughly 1,800 residential units, 250 commercial and office units, and hospitality components. Al Ramz has highlighted the project's strategic positioning in an area characterized by strong demand dynamics and constrained supply, enhancing its long-term investment prospects.
The acquisition scope extends beyond equity ownership. Al Ramz will also secure operational contracts covering development, marketing, sales, operations, and facilities management of the Qurtuba 2 project. The financial terms associated with these service contracts will be disclosed subsequently in accordance with Saudi regulatory requirements.
The company plans to fund the acquisition through a combination of internal resources and available credit facilities. The transaction remains subject to standard regulatory and contractual completion procedures, with payments scheduled according to a timetable agreed between the parties. This move represents Al Ramz's strategic effort to consolidate control of high-value real estate assets in Riyadh and strengthen its exposure to premium locations in the Saudi capital.
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