Kingdom Holding Company (KHC), a prominent Saudi conglomerate, has finalized the sale of its esteemed residential complex, Kingdom City, for SAR 900 million ($240 million). The transaction, completed with a real estate fund associated with Alawwal Investment, underscores KHC’s strategic realignment in the Saudi real estate sector.
Nestled in Riyadh’s Al Rabie neighborhood, Kingdom City comprises 384 luxury residential units complemented by premium amenities. Its strategic location at the junction of Al Thumama Road and King Abdulaziz Road positions it as a prime residential destination within the city, offering easy access to key landmarks and future development projects.
Despite the change in ownership, Kingdom City will retain its iconic name and continue serving as a symbol of luxury living in Riyadh. Notably, KHC plans to participate in a new fund dedicated to managing Kingdom City’s operations, further reinforcing its commitment to the project’s success.
Emphasizing the significance of Kingdom City within Riyadh’s evolving urban landscape, KHC highlighted its proximity to key projects such as the King Abdullah Financial Center and the Sports Boulevard Project. The conglomerate aims to enhance the complex’s revenue streams while prioritizing operational efficiency and service quality.
With assets exceeding SAR 50 billion ($13.2 billion) across various sectors globally, KHC remains a key player in the Saudi business scene. Beyond real estate, its diverse portfolio spans digital media, entertainment, financial services, and emerging sectors, reflecting its commitment to innovation and growth.
The sale of Kingdom City marks a strategic move by KHC to capitalize on opportunities in the dynamic Saudi real estate market. As the complex transitions under new ownership, stakeholders can expect continued excellence in luxury residential living in Riyadh.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
21st February, 2024
