Adeer sells out the Sahab masterplan in Dammam for more than SAR 348 million
The auction of the Sahab model masterplan in Dammam, held by Adeer on Wednesday 15 January 2025 at the Sheraton Dammam Hotel, drew a large turnout of investors and business figures. All 576 commercial and residential plots on offer, spanning more than 281,000 square metres, sold for a total of SAR 348,976,812 (including the real estate transaction tax and brokerage fee).
Suleiman Al-Harbi, Deputy Chief Executive Officer of Adeer, welcomed the outcome of the auction, saying it was the product of Adeer's long experience in organising and marketing real estate auctions and of its focus on delivering the best service to investors within a safe and reliable investment environment. He added that the result reflects investor confidence in Adeer and in the projects it brings to market, as well as the appeal of the Sahab masterplan as a distinctive investment and residential development.
The Sahab masterplan was developed by Sumou Real Estate and is a notable addition to the urban landscape of Dammam that will help meet rising demand for residential and commercial land in the city. The masterplan is expected to see rapid urban development in the period ahead, which will strengthen its investment appeal and contribute to local economic growth.
