Saudi Arabia's Ash Sharqiyah buys Riyadh real estate assets for $36m

Dammam-based agricultural firm signs acquisition agreement with Omar bin Saleh bin Abdul Aziz Babeker

Ash Sharqiyah Development has acquired two Riyadh assets.
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Ash Sharqiyah Development has acquired two Riyadh assets.

Saudi Arabia-based Ash Sharqiyah Development has inked an agreement to buy two income-generating residential assets in the kingdom’s capital Riyadh under a $36m (SAR135m) deal with Omar bin Saleh bin Abdul Aziz Babeker.

The first real estate asset, according to a filing on Saudi bourse Tadawul, is a residential complex made up of 90 housing units – 42 villas and 48 apartments. The second is a residential complex with six residential buildings comprising 86 apartments.

Upon completion of the acquisition, valued at $36m (SAR75m), Ash Sharqiyah’s capital will stand at $32.7m (SAR120m) instead of $20.4m (SAR $75m).

According to Bloomberg, Ash Sharqiyah was founded in 1986 and produces agricultural products, including clover, Rhodes grass, wheat and corn hay, and dates.

Based in Dammam, the group is also involved in “animal husbandry activities” – including the production of fresh milk, calf breeding, calves fattening, sheep production, and the production of bio-fertilisers and honey.

Its net profit for 2018 was valued at $1.8m (SAR6.7m), a 59% drop on 2017, according to its financial statements, released this March.

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