Al Akaria says title deed for Al Widyan land subdivided into 15 deeds

Saudi Real Estate Co. (Al Akaria) completed all measures required for subdividing the main title deed of Al Widyan project’s land into 15 separate deeds.

In a statement to Tadawul, Al Akaria said the subdivision process resulted in updated plot areas and boundaries in line with planning requirements, including allocating land for public services such as roads and walkways. Following the subdivision, the total land area stands at 6.09 million square meters.

The step is an internal technical and administrative procedure aimed at organizing ownership documentation and does not entail any change in land ownership or its legal status.

The deeds are pledged under the financing arrangements, without affecting the company’s related legal rights.

Al Akaria added that the land designated for the Al Widyan project is still under study for a full redevelopment, noting that the subdivision process is a regulatory and technical procedure.

According to Argaam data, Al Akaria said in March 2021 that the area where the Al Widyan land is located was under review for a comprehensive redevelopment.

The company had launched the Al Widyan residential project in Riyadh in August 2018, with a cost of SAR 10 billion for the first phase. The project is located in Al Malqa district, northwest of Riyadh, on King Khalid Road (Salboukh Road).