Saudi-based Alandalus Property has announced that its key subsidiary, Marafiq Alandalus Allujistiyah, has acquired a prime plot of land spanning 44,550 sqm within the Al Mashael District in Riyadh from Ahmad Suleiman AlFahad wa Awladuh Company for SAR83.8 million ($22 million). 

This land will be used for the development of logistics warehouses and other associated facilities, said Alandalus Property in its Saudi bourse filing.

This comes as part of the implementation of the company's strategy announced for the period 2026–2030, which aims to diversify its investment portfolio and expand into the logistic sector. 

On the financial impact, Alandalus Property said it is expected to be reflected in its financial statements in Q4 this year.

The entire funding for the acquisition has been arranged through the company's internal resources and bank facilities, it added.-TradeArabia News Service