Riyadh Development shareholders OK SAS with Riyadh Holding to develop Dirah district
18/08/2024 Argaam
Logo of Riyadh Development Co.
Riyadh Development Co.’s shareholders approved the establishment of a simplified joint-stock company (SAS) in partnership with Riyadh Holding Co. to develop Ad Dirah district during an ordinary general meeting (OGM) on Aug. 15.
In a statement to Tadawul, the company said its share in the new entity will be 46.34% through an in-kind contribution to the Al-Tameer Wholesale Commercial Center, valued at SAR 675 million.
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According to data available on Argaam, the average asset valuation exercise for the partnership with Riyadh Holding to develop Ad Dirah district amounts to SAR 1.5 billion (fair value based on latest valuation).
The new entity’s portfolio comprises three commercial centers on a total area of nearly 170,000 square meters and total leasable areas close to 209,000 sqm. These centers are located in the heart of Riyadh, near Al Hukm Palace.