Latest news with #KenziAlArabiyaCompany
Zawya
18-02-2025
- Business
- Zawya
Saudi's Dar Al Arkan consortium snaps up $2bln Jeddah property in auction
Saudi-based Dar Al Arkan Real Estate Development Company has announced that it has acquired a real estate property worth SAR4.46 billion ($1.18 billion) in Jeddah at a major auction in alliance with Kenzi Al Arabiya Company and a group of investors. The auction, one of the largest real estate auctions held in Saudi Arabia this year, was for Orchid land located in Jeddah spanning one million sq m area, said Dar Al Arkan in its filing to Saudi bourse tadawul. The consortium acquired the land in the largest real estate auction in Saudi Arabia for the year 2025, marketed by Itqan Real Estate Company. On the financial impact, Dar Ar Arkan said it is likely to have a positive financial impact on its revenues during the second quarter of fiscal year 2025 and the years thereafter. The largest developer by market value in Saudi Arabia, Dar Al Arkan's main activity is land development, namely purchasing and developing infrastructure on raw land parcels. It also master-plans residential projects and commercial schemes in addition to providing construction, maintenance and demolition services as well as restructuring of residential and commercial buildings.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
17-02-2025
- Business
- Zawya
Saudi's Dar Al Arkan consortium wins $2bln land auction in Jeddah
A consortium comprising Saudi-listed Dar Al Arkan Real Estate Development Company has won a real estate deal worth 4.46 billion Saudi riyals ($1.18 billion) in Jeddah. The consortium included Kenzi Al Arabiya Company and a group of investors, the developer said in a statement to the Saudi stock exchange on Monday. The consortium acquired Orchid Land in one of the largest real estate auctions in Saudi Arabia this year, the statement added. The land is located in Jeddah and covers an area of one million square metres. No real estate development plans were revealed. The deal is likely to positively impact Dar Al Arkan's revenues from the second quarter of 2025. Dar Al Arkan is the majority shareholder in the London-listed international developer Dar Global. (Editing by Anoop Menon) (
