Al Othaim Investment buys land in Madinah to build commercial complex

Logo of Abdullah Al-Othaim Investment Co. (AOIC)

Abdullah Al-Othaim Investment Co. (AOIC) stated that it obtained the approval to buy a land plot spanning 105,660 square meters (sqm) at a total value of more than SAR 200 million to establish a modern commercial complex.

CEO Meshaal Omairah said the deal comes within the framework of the expansion plan recently announced by the board of directors, which aims to add 20 new commercial complexes by 2030 across the Kingdom.

The land purchase reflects the company's commitment to enhancing its growth in the field of commercial complexes and expanding its systematic spread network to cover most Saudi regions and cities. The company currently owns 10 major complexes in Riyadh (Rabwa - Khurais), Dammam, Al Ahsa, Buraydah, Unayzah, Hail, Arar and Hafr Al-Batin. It also has a new complex in Khafji, which will be opened soon.

Abdullah Al Othaim Markets Co.’s board of directors approved, on Aug. 10, the sale of the company’s idle land in Madinah to AOIC for SAR 211.33 million, excluding the real estate property tax. The land was sold at SAR 2,000 per sqm without any preferential terms, according to data available with Argaam.

Earlier, AOIC decided to cancel the initial public offering (IPO) of 30% of its capital on the main market. The IPO was slated for late May and early June.

In 2021, the company announced its expansion plan until 2030, which includes opening 20 new commercial complexes for over SAR 10 billion.