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

Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)
Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)
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Adeer Company Sells Real Estate Project at $480 Million East of Saudi Arabia

Part of the public auction that was held on Thursday to sell the Sumou Al-Khobar project in eastern Saudi Arabia (Asharq Al-Awsat)
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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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)
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SAMA: Saudi Arabia Unites Regional Efforts to Combat Money Laundering

A group photo during the MENAFATF conference in Riyadh (X)
A group photo during the MENAFATF conference in Riyadh (X)

Governor of the Saudi Central Bank Ayman Al-Sayari reaffirmed the Kingdom’s commitment to unifying regional efforts to combat money laundering, terrorist financing, and the proliferation of weapons, as well as addressing challenges faced by all nations in these areas.

Al-Sayari was speaking on Tuesday during the opening of the conference “Latest Developments in Combating Money Laundering, Terrorist Financing, and Weapons Proliferation,” held on the sidelines of the 39th General Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF).

He highlighted the 20th anniversary of MENAFATF’s establishment, praising its role in raising awareness and deepening understanding of international requirements across the region, which he said has helped relevant agencies in member states strengthen their compliance with global standards.

Al-Sayari commended the efforts of Saudi authorities, particularly through specialized permanent committees, to enhance the effectiveness of anti-money laundering measures and improve the Kingdom’s adherence to international obligations.

He emphasized that as money laundering, terrorist financing, and weapons proliferation crimes continue to evolve rapidly, with increasingly complex methods, countries are striving to update their legislative and regulatory frameworks to keep pace with these changes.

Al-Sayari also underscored Saudi Arabia’s support for the goals of the Financial Action Task Force (FATF) under Mexico’s presidency, aimed at combating financial flows that fuel money laundering and terrorism. These efforts, he stressed, contribute to the integrity, stability, and sustainable growth of the global economy.

Saudi Arabia actively participates in FATF discussions to ensure that cross-border transactions are more efficient, transparent, and inclusive, while maintaining compliance with due diligence requirements and other necessary safeguards.

Separately, Al-Sayari held discussions with FATF President Elisa de Anda Madrazo on key updates and mutual areas of interest in combating money laundering, terrorist financing, and weapons proliferation.