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United Real Estate Development Company, one of the fastest growing shopping mall developer in Saudi Arabia, has announced that it has bought a 2,700 sq m plot of land within the Al Narjis neighbourhood in the kingdom for SAR27 million ($7.2 million).
The plot, which was purchased from Ahmed bin Mohammed bin Othman, will be used for future development of a residential project on it, said United Real Estate Development Company in its filing to Saudi bourse Tadawul.
The Saudi developer has inked a facility agreement with Al Rajhi Bank for shari'a-compliant banking facilities to fund 66% of the cost of buying land.-TradeArabia News Service