Mawten Real Estate Sold Its Project for Prefabricated Factories
“Mawten Real Estate” has completed the sale of its ready-made factories project, which was developed as part of the Industrial Gateway City project in Riyadh.
The sale, made to one of the leading financial companies in the region. The sale was worth a total of 260 million Saudi Riyals, according to SABQ Online Newspaper.
Details of the Transaction
The deal included the sale of 72 fully leased ready-made factories, covering an area of approximately 72,000 square meters, with building spaces exceeding 103,000 square meters.
Statement from the Chairman
Abdulhamid Al Zamil, Chairman of Mawten Real Estate, said, “the sale of the ready-made factories project developed in the Industrial Gateway City project has been completed.
This project consists of 72 factories. It enhances the financial position of Mawten Real Estate and give it the flexibility to reinvest the sales proceeds and seize high-quality investment opportunities that align with the company’s strategy.”
Future Investment Plans
Al Zamil stated, “Mawten Real Estate is developing ready-made factory projects for sector demand. The company’s new project in Riyadh’s Industrial Gateway City includes 56 factories. These support small and medium enterprises with 400 to 500 square meter spaces, focusing on Ministry of Industry-backed projects. The completion will be the second quarter of 2024.”
Company’s Role in Industrial Empowerment
Mawten Real Estate plays a pioneering role in empowering industrialists by implementing ready-made factory projects. It helps in reducing the time to enter the market from years to a few months.
This approach also alleviates the financial burden by renting these factories.
Background of Mawten Real Estate
Mawten Real Estate operates in industrial, residential, commercial, and hospitality real estate sectors. Additionally, the company’s goal is to offer varied real estate solutions and products. Furthermore, these align with Vision 2030, focusing on quality projects for the industrial and logistics sector. Specifically, it specializes in ready-made factories for emerging industries and distinctive residential projects.
Mawten also develops hotels under global brands. Lastly, the company commits to governance, disclosure, and transparency. This approach aims to ensure profitable returns for shareholders and foster business.
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