Family of Saleh Al-Rajhi Auction Four of His Properties for $172 Million

Published May 8th, 2017 - 05:00 GMT
Al-Rajhi family are among the richest families in Saudi Arabia and the Arab world. (Forbes)
Al-Rajhi family are among the richest families in Saudi Arabia and the Arab world. (Forbes)

The value of the first auction held to sell the estate of late Saudi businessman Saleh bin Abdulaziz Al-Rajhi amounted to more than SR644 million ($172 million). The auction was held Saturday evening at the InterContinental Hotel in Riyadh to sell four properties left by Al-Rajhi.

The first, Toarn Center, was sold for SR246 million to Al-Subaie Financial Investment.

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The Electron Center was sold for SR91 million to investor Mohammad Al-Harthi.

The third property, Riyadh Shopping Center, was sold for SR101 million to Naif bin Saleh Al-Rajhi, a businessman and one of the heirs, who also bought the land plot in Alsali for SR206 million.

Toarn Center is at the intersection of the most famous roads in Riyadh: King Fahd Road and Prince Mohammad bin Abdulaziz Al-Tahlia Street. It is considered one of the most prominent administrative centers in the heart of the commercial strip.

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Riyadh Shopping Center is one of the most famous shopping centers in Batha, which is also the location of the Electron Center. Both enjoy an advantage in terms of location in the heart of Batha, one of the oldest commercial zones in Riyadh and the first stop for retailers coming from all over Saudi Arabia, being the main hub for wholesale trade.

The land in Alsali is located on a strategic site for logistic investments and commercial warehouses. The area is easily accessible and linked by the circular roads of Riyadh.

By Mohammad Al-Sulami

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