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First Avenue for Real Estate Development Acquires SAR310 Million Project in Saudi Arabia

MT Newswires·12/22/2025 03:04:55
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03:04 AM EST, 12/22/2025 (MT Newswires) -- First Avenue for Real Estate Development (SASE:9610) purchased the Capital Avenue - Al Qirawan Tower project in Al Qirawan District, north of Riyadh, Saudi Arabia, for 310 million Saudi riyals. The real estate group acquired full ownership of the project through the purchase of the partners' stakes in the Jadwa Capital Avenue Real Estate Fund managed by Jadwa Investment, according to a Monday release. The project covers an area of 7,728 square meters, with completion scheduled for the first quarter of 2026. First Avenue expects the deal to have a positive impact on its financial results from the first half of 2027.