Alaqtar Real Estate Development acquires Al Salman Hotel
Al aqatar Real Estate Development Company has fully acquired the Salman Hotel in Buraydah, one of the oldest hotels in Saudi Arabia, as the hotel is over the age of 50 years with an estimated area of 40 thousand square meters; As a first step towards the development of a large business project, it is expected to cost up to 2 billion Saudi riyals, with the main landmark in the city of Buraydah.
The company also acquired multiple lands north of Buraydah with an area of 3.5 million square meters, and received the approval of the Capital Market Authority for the Qatar Real Estate Development Fund, which is expected to generate approximately 1 billion riyals in revenue.
The Managing Director of the Company, Sultan bin Abdullah Al-Shalash, explained that this acquisition came after a careful study of the secondary cities in the Kingdom. The city of Buraydah topped our list. The vision of the Crown Prince of the Kingdom of 2030 has become tangible in all sectors of the government and has stimulated the real estate development sector by providing significant facilities for the manufacture of quality projects to contribute to the building.
