Riyadh – Mubasher: Alandalus Property Company’s subsidiary, Alandalus Building Construction for Schools, has acquired a plot of land in the Al Naseem district of Riyadh for SAR 23.65 million.
The transaction, executed on 4 July 2026, includes real estate transaction tax and brokerage fees, according to a bourse filing.
The acquisition of the 11,000 square meter site is intended for the construction of an educational complex. This move aligns with the company’s 2026-2030 strategy to diversify its investment portfolio and expand within the educational facilities sector.
The project follows a previous agreement with Ajyal Al Yamama Private Schools to develop and lease a dual-curriculum educational campus.
Alandalus Property confirmed the purchase from seller Nasser bin Abdulrahman Al Majed will be financed through internal financial resources and bank facilities.
The company expects the financial impact of this transaction to be reflected in its financial statements during the third quarter (Q3) of 2026. The development remains subject to the requirements of the Riyadh Municipality and relevant authorities.
The listed company entered into a long-term Tawaruq financing agreement with Saudi Awwal Bank (SAB) at a value of SAR 48 million.
