Alsaif Gallery buys commercial land in Riyadh for SAR 13.5 mln

07/03/2023 Argaam

Alsaif Gallery buys commercial land in Riyad for SAR 13.5 mln

Logo of Alsaif Gallery

AlSaif Stores for Development and Investment Co. (Alsaif Gallery) signed a deal on March 6 to purchase a commercial land spanning 4,095.5 square meters in Tuwaiq district, Riyadh, for SAR 13.5 million (excluding real estate transaction tax). 

 

In a statement to Tadawul, the company said it will establish a commercial project over the land, including a branch of Alsaif Gallery and other showrooms that will be rented to others. 

 

The deal will be financed from the company's own resources, the statement said. 

 

The relevant financial impact will lead to an increase in non-current assets in the first quarter of 2023.

 

The land was purchased from Abdulaziz Al-Sharif, Ahmed Al-Sharif, and Saud Al-Sharif, the company said, adding that there are no related parties.

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