Alworoud Buys Riyadh Office in Income Strategy Push

Alworoud Real Estate Investment Company bought an office property in Riyadh's King Salman neighborhood for SAR 69 million, the company said. The acquisition is part of the firm's strategy to grow its income-producing real estate portfolio.

The King Salman area is a commercial node in northern Riyadh with offices and government institutions. Alworoud did not identify the seller or disclose the building's occupancy or rental income. The deal was funded from internal resources, the company said in a statement.

The SAR 69 million purchase adds to Alworoud's existing commercial real estate holdings in the Saudi capital. The company has been expanding its property footprint in Riyadh, focusing on assets that generate recurring lease income.