Arriyadh Development Company launched an investment portfolio to invest up to USD 100 million for tenures ranging between one and two years, a filing to Tadawul said.

The company signed an agreement with a licensed financial institution to manage the investment, which aims to diversify its sources of income.

A financial impact is expected in the third quarter of this year, the company said.

The investments will be recorded as available for sale investment at fair market value with the unrealized gains/losses recognized within the shareholder’s equity in accordance with the Saudi Accounting Principles. The portfolio’s financial impact is to be reflected on Q3-2014’s financials.

The filing did not disclose the portfolio manager’s name.

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