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Adeer Company Sells Real Estate Project at $480 Million East of Saudi Arabia

Adeer Company Sells Real Estate Project at $480 Million East of Saudi Arabia

Saturday, 2 April, 2022 - 10:00
Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Adeer Real Estate Company announced selling Sumou Al-Khobar project east of the Kingdom for more than SAR1.8 billion ($480 million) during the public auction it organized on Thursday.

CEO of Adeer Mutab Al Saad said the auction’s success underlines the advantages that the project enjoys, including its strategic location in the Seef neighborhood, which is one of the most important neighborhoods in the center of Saudi Arabia’s Triplet Cities of Dammam, Khobar and Dhahran.

He pointed out that the area is distinguished by its many facilities and services that enhance the quality of life and advance the implemented investment projects.

Mutab pointed out that the Company always seeks to provide key real estate opportunities, which are characterized by their vital locations and components, to meet the investors’ needs.

It also contributes to enhancing the real estate sector, which is considered a major source of income to the Saudi economy and one of the main tools to achieve the objectives of the Kingdom’s Vision 2030.

He said the sector is witnessing a development in laws and legislations and an increase in government spending on huge infrastructure projects, which raised its reliability and contributed to attracting Saudi and foreign investors.

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