Asbar and Ladan Strike SAR 339 Million Deal for Project in Riyadh

Asbar Capital and Ladan Real Estate Development signed a SAR 339 million agreement to develop a qualitative mixed-use real estate project on Prince Mohammed bin Salman Road in Al-Munsiyah district in the capital, Riyadh, according to IRH magazine.

The agreement was signed by Salem Baabid, CEO of Asbar Capital, and Dr. Hassan Al-Hazmi, CEO of Ladan Real Estate Development. The signing ceremony took place under the supervision of Abdullah Al-Shammari, Vice Chairman of Asbar Capital, and Sulaiman Al-Batli, Vice Chairman of Ladan Real Estate Development.

The project is located in Al-Munsiyah district on Prince Mohammed bin Salman Road in Riyadh, combining residential, commercial, and service uses within a single complex under a mixed-use development model. The value of the agreement is estimated at SAR 339 million, equivalent to approximately $90 million.

Asbar Capital welcomed the partnership, stating that it looks forward to the project representing a qualitative addition to the capital's urban landscape, in line with the economic goals of Saudi Vision 2030.

What do these terms mean?

Mixed-use project: A real estate project that combines residential units, offices, retail stores, and services in a single complex, reducing the need to travel between different areas of the city.

Real estate development: The process of purchasing land, designing, financing, constructing, and then selling or leasing a building, with the developer overseeing all these stages.

Saudi Vision 2030: A government plan to diversify the Saudi economy, reduce reliance on oil, and develop cities and non-oil sectors.