Ajlan & Bros acquires $213m Riyadh real estate scheme for 4000 homes

RIYADH: Some 4,000 new homes are set to be built in eastern Riyadh after Saudi-based clothing manufacturer Ajlan & Bros acquired a SR800 million ($213 million) real estate scheme.

The site, which sits on an area of 2 million square meters and is located on the Riyadh-Dammam road, Argaam reported citing the company’s statement.

The company said the scheme will be prepared to the highest modern standards in terms of water and sewage network, and electricity and communications.

Founded in 1979, Ajlan & Bros specializes in traditional and off-the-shelf classic menswear in the Gulf Cooperation Council region.

The company already has considerable existing investments in the real estate sector in the Middle East, Europe, and Asia in addition to investments in the stock markets of 25 countries.

Earlier, it had entered into a deal to invest SR50 billion into the National Industrial Development and Logistics Program over the next 10 years.