Kuwait City: Al Mazaya Holding Group has purchased a new tower servicing the office and commercial sector and occupying an area of 2,160 square metres in Al Olaya district in Riyadh, for 130 million Saudi riyals (Dh127.3 million) through one of its subsidiaries in Saudi Arabia.
The contract was signed in Riyadh by Ebrahim Al Soqabi, Group CEO of Al Mazaya Holding Company, and Abdul Mohsin Bin Abdul Aziz Al Ajlan.
Al Soqabi said the purchase of the new tower reflects increased demand for fully serviced, leasable real estate in Riyadh. The new asset has an annual investment yield of up to 9 per cent.
Al Soqabi added that the tower is located on General Olaya Road near a range of vital commercial centres and sites, including Al Faisaliah Tower and Riyadh Gallery Complex.
