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First Avenue for Real Estate Development Co. Announces the Purchasing of A property in the Al-Shate’a district of Jeddah, covering an area of 5,650 square meters. in the amount of 60 million SAR (not including RETT and commission)
| Element List | Explanation |
|---|---|
| Introduction | First Avenue for Real Estate Development Announces Its Subsidiary’s Acquisition of a 5,650 m² Property in Jeddah’s Al-Shate’a District for SAR 60 Million |
| Transaction Details | First Avenue for Real Estate Development announces that Jadah Al-Bahr Real Estate Company, a 50%-owned subsidiary, has completed the acquisition of a property located in the Al-Shate’a district on Heraa Street in Jeddah for SAR 60 million, exclusive of real estate transaction tax and brokerage fees. The property's title deed has been fully transferred to Jadah Al-Bahr Real Estate Company. The site covers 5,650 square meters and is expected to be developed as a mixed-use project—comprising commercial, residential, and office components—in line with the Company’s strategy to deliver high-quality developments in prime locations throughout Jeddah. |
| Transaction Amount | 60 million SAR (not including RETT and commission) |
| Transaction Conditions | no special term |
| Parties of the Transaction | Mr. Omar Saud Al-Balihed and Mr. Abdullah Ibrahim Al-Ma’arak |
| Transaction Financing Method | The purshase was funded using Jadat Al-Bahr Real Estate Company's own resources |
| Date of Entering Into The Transaction | 2025-05-14 Corresponding to 1446-11-16 |
| Description of Activity of The Asset Subject of The Transaction | The company aims to develop a mixed-use project, comprising commercial, residential, and office components |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | No financial data is available |
| Transaction reasons | This investment is part of the Company’s strategy to strengthen its real estate portfolio in Jeddah and to capitalize on promising opportunities in the city’s most strategic locations. |
| Expected Impact of the Transaction on the Company and Its Operations | The transaction is expected to have a positive impact on the Company’s financial results beginning in 2028. |
| Related Parties | Jadat Al-Bahr Real Estate Company, A 50% owned subsidiary |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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