RED House Acquires Strategic Industrial Land in Riyadh

RED House Acquires Strategic Industrial Land in Eastern Riyadh for SAR 3 Billion

Riyadh, Saudi Arabia – 11/11/2014 – RED House, represented by its Chairman & CEO, Mr. Mazen Beaini, is pleased to announce the signing of an agreement for the acquisition of an 11 million square meter strategic industrial land parcel in Eastern Riyadh. The acquisition, valued at over SAR 3.0 billion (approximately US$ 800 million), marks a significant milestone in RED House's expanding investment and development portfolio within the Kingdom of Saudi Arabia.

This substantial land acquisition underscores RED House's commitment to contributing to Saudi Arabia's industrial growth and economic diversification under Vision 2030. The newly acquired land is strategically positioned to facilitate large-scale industrial and logistics developments, further strengthening the Kingdom's position as a regional and global trade hub. Details regarding the specific development plans for this site will be unveiled in due course.