AL-Ramz Realestate acquires Al Ahli Aleen Enbar Fund

Alramz Real Estate Co. has finalized agreements to acquire a 77% stake in Al Ahli Aleen Enbar Real Estate Fund for SAR 133 million ($35.5 million), bolstering its holdings in a strategically located real estate project in Riyadh. The fund manages the "Qurtuba 2" project on Prince Mohammed Bin Salman Road, an area of 130,390 square meters designated for mixed-use development. This acquisition aligns with Alramz's strategy to secure projects promising viable investment returns.

The transaction results in Alramz owning 100% of the fund, as it already holds a 23% stake valued at SAR 40 million. Once complete, Alramz will fully control the fund's units, positioning itself to benefit from the Qurtuba 2 project's potential. The development is projected to feature approximately 1,800 residential units alongside around 250 commercial and office spaces in a high-demand district of Riyadh, enhancing its attraction for investors.

Alramz outlined that the acquisition aligns with its broader strategic objective of increasing ownership in high-quality real estate developments in Riyadh. This move is expected to enhance long-term investment returns, with financial contributions anticipated between 2026-2031. The company plans to secure contracts for development, marketing, sales, operations, and facilities management for the project, with further financial and contractual details to be disclosed at a later stage.

This acquisition signals an assertive capital allocation strategy within the competitive real estate sector, wherein entities compete to secure properties in lucrative areas. As Riyadh’s real estate market experiences high demand paired with limited supply, such developments are poised for significant investor interest and valuation appreciation.

Further steps in the acquisition process will depend on fulfilling regulatory and contractual obligations, along with executing agreed payment timelines. Alramz has committed to providing updates on any material developments, ensuring transparency in line with applicable regulations.