Arriyadh Dev inks MoU with Saudi Housing ministry for residential units
Arriyadh Development Co. (ARDCO) said that its Real Estate Development Fund on Nov. 15 signed a memorandum of understanding (MoU) with the Saudi Ministry of Housing to build residential units.
The new units will be built on the fund’s land for beneficiaries of subsidized housing programs.
No further details were mentioned about the deal value.
A final agreement will be signed later between both parties, the company added in a statement to Tadawul on Sunday.
ARDCO owns a 50 percent share in-kind worth SAR 573 million in the fund, which was set up by Alinma Investment Co., Argaam earlier reported.
GCC Indices
Dubai
4,743.80
20.16
0.43 %
Abu Dhabi
9,250.72
19.07
0.21 %
Kuwait
7,789.18
(30.17)
(0.39 %)
Qatar
10,436.48
26.89
0.26 %
Muscat
4,561.68
1.29
0.03 %
Bahrain
2,032.66
(2.69)
(0.13 %)