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City of Knowledge Auctions Medina Land
Al Maraiya Knowledge City Company announced the sale of three land parcels in Medina, with a total value reaching approximately 398.76 million riyals, aimed at developing multiple-use projects through partnerships with investors and developers. The transactions include the sale of two plots valued at 229.12 million riyals and another at 169.64 million riyals, with an expected total gross profit of around 360.84 million riyals before taxes and fees. Additionally, a lease agreement was signed for part of the completed land with flexible operational costs, to enhance liquidity, support future project development, and achieve sustainable growth. This aligns with the company's strategy to maximize the value of its land portfolio, which spans approximately 6.8 million square meters.
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