Riyadh – Mubasher: Emaar Al Waseel Al Mutamayiza, a subsidiary of Banan Real Estate Company, has completed the acquisition of a raw land plot in Riyadh for a total value of SAR 43.43 million. The transaction price includes the real estate disposal tax and brokerage fees.

The acquired property, identified as plot number 59 within block 11 of plan 3256, is located in the Al Qairawan district and spans a total area of 3,512.95 square meters.

According to the regulatory filing, the deal was executed on 9 August 2026, with the heirs of the late Abdullah bin Saleh bin Ibrahim Al Murshidi.

Banan Real Estate confirmed that the acquisition was fully funded through the capital of the subsidiary company. The firm intends to develop the site and has indicated that preliminary arrangements for leasing the project are underway.

The company expects the investment to expand its real estate portfolio and bolster future revenues through sustainable rental income.

Management stated that further details regarding the development and leasing phases will be disclosed at a later date. No related parties were involved in the transaction.

As of 30 June 2026, the company logged net profits worth SAR 21.25 million, marking an annual rise of 16.96% from SAR 18.17 million.