Areeb Capital Acquires A SAR 12bln Land In Dammam

“Areeb Capital”, a pioneering asset management company, announced that one of its investment funds acquired a ​​32 million square meter plot of land in the heart of “Dammam” in the Eastern Province, for a total value of SAR 12 billion, making it one of the largest real estate deals in the region.

The company revealed its intention to develop the land, which enjoys a strategic location in Al-Naseem district on King Faisal Coastal Street, to establish a qualitative multi-use project that provides promising investment opportunities in line with the Kingdom’s Vision 2030 goals.

“Areeb Capital” highlighted its success in financing the deal through a group of prominent investors and obtaining banking facilities compatible with the provisions of Sharia law from several Saudi banks. This reflects the confidence of investors and banks in the company’s vision and in the Saudi real estate market in general.

Notably, “Areeb Capital” is licensed by the Capital Market Authority (CMA) of the Kingdom of Saudi Arabia, with license number 30-08119.