Riyadh Development Chairman launches company’s new strategy

Logo of Riyadh Development Co. (ARDCO)

His Highness Prince Faisal bin Abdulaziz Bin Ayyaf, the Mayor of Riyadh and Chairman of Riyadh Development Co. (ARDCO), said that the launch of the company’s new strategy, “We Invest for Growth” aims to build further on the company’s profile within the real estate development sector, concurrent with the economic and urban development boom witnessed by the country at large and the Saudi capital in particular.

Bin Ayyaf added that ARDCO aims to implement its new strategy driven by its purpose to cultivate urban development and elevate human welfare. I It aims to become a long-term partner of choice in both human and urban development within Riyadh and beyond. The company’s rehauled strategy plans to fuel sustainable growth, through capturing diverse investment opportunities, and maximizing returns on assets, with a focus on real estate development and management.

Jehad Alkadi, the company’s Chief Executive Officer (CEO), said the new strategy through core initiatives and partnerships will help the company maintain operational excellence. The company will be better prepared to get involved in projects worth over SAR 6 billion by 2032 and build on its strengths and expertise across the country.

The company seeks to double its net income and achieve SAR1 billion in revenue over the next 10 years, Alkadi stressed.

ARDCO is committed to maximizing total shareholder return through driving focus to real estate development and management activities. The company also advances its eco-efficiency efforts towards contributing to the sustainable development goals, and fosters financial sustainability through a more diversified investment portfolio, and enhanced returns on assets.

Alkadi added that the company plans to acquire additional revenue generating assets and channel its financial resources and partnerships towards development activities in emerging sectors while unilaterally creating new investment opportunities.

According to a company statement, the new strategy will implement ARDCO’s development and investment plans to achieve sustainable growth powered by three key enablers; digital transformation, building value-add partnerships and embracing sustainability in its wider sense be it financial, environmental or developmental, all anchored in the company’s legacy of real estate development and public good services.

With the new strategy, ARDCO aims to transition from its original role as an investor in real estate to an active developer and development manager. This will drive the company towards maturing into a full-fledged holding company, the prime focus of which revolves around 3 major pillars: improving and expanding the fresh produce business, notable growth in real estate development and fostering sustainability, the statement added.