Riyadh – Mubasher: Al Ramz Real Estate Company has signed definitive agreements to acquire the remaining shareholder units in Al Ahli Aleen Enbar Real Estate Fund in a transaction valued at SAR 133 million, according to a bourse disclosure.
Accordingly, the company’s ownership in the closed-ended fund will increase from its current 23% stake to full 100% ownership.
This strategic move is designed to grant Al Ramz Real Estate total control over the Qurtuba 2 project, a major mixed-use development spanning 130,386.51 square meters and is situated in a high-demand corridor of Riyadh.
The acquisition involves purchasing the remaining 77% of the fund’s units from existing investors. Prior to this agreement, Al Ramz held a 23% interest in the fund with an investment value estimated at SAR 40 million.
The Qurtuba 2 project is envisioned as a comprehensive mixed-use destination that is expected to feature approximately 1,800 residential units alongside 250 commercial and office units. The project also includes a hospitality component, reflecting the growing demand for integrated living and working environments in the capital.
Beyond the asset acquisition, the deal secures a range of operational mandates for Al Ramz Real Estate. The company is set to receive contracts for the development, marketing, sales, operation, and facility management of the project.
While the specific value of these service contracts and the associated fees will be determined at a later stage, they represent an additional revenue stream for the company.
Al Ramz Real Estate committed to disclosing further details regarding these contracts and any other material developments in accordance with local regulatory requirements.
The takeover transaction will be funded through a combination of Al Ramz Real Estate’s own internal resources as well as available credit facilities.
The agreement, which was finalized on 21 May 2026, remains subject to the completion of standard regulatory and contractual procedures, with payments to be executed according to an agreed-upon schedule between the buyer and the sellers.
The company anticipates that the consolidation of this asset will have a positive impact on its financial performance over a multi-year horizon. Specifically, the disclosure indicates that the transaction is likely to contribute to the company’s financial results starting from 2026 through 2031. Moreover, there are no related parties involved in the transaction, ensuring the deal was conducted on an arm’s length basis.
