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Riyadh, Saudi Arabia
Banan Real Estate Company plans to establish a simplified joint stock firm for investment and real estate development, according to a bourse disclosure.
The board members approved the new entity, which will be developed with Al Azizah Real Estate Investment and Development Company and other shareholders.
Meanwhile, the joint venture will own, manage, and develop lands as well as buildings.
In August, Al Azizah Real Estate obtained a SAR 50 million loan from Riyad Bank to expand business activities.
During the first half (H1) of 2024, Banan Real Estate posted a 45.21% year-on-year (YoY) leap in net profit to SAR 20.05 million, compared to SAR 13.81 million.
Revenues jumped by 83.63% to SAR 59.52 million from SAR 32.41 million.
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