Logo of Riyadh Development Co.
Riyadh Development Co. intended to establish a simplified joint-stock company with Arriyadh Holding Co. to develop Ad Dirah district. Riyadh Development will hold a 46.34% stake in the new entity through an in-kind contribution of Attameer Wholesale Commercial Center, valued at SAR 675 million.
In a statement to Tadawul, the company said this move is subject to obtaining the necessary regulatory approvals from the relevant authorities, including the General Authority for Competition (GAC), as well as the approval of both companies’ shareholders, according to the relevant regulatory requirements.
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The company also indicated that it will announce the completion of the transaction or any other significant developments in due course.
According to data available on Argaam, Riyadh Development and Arriyadh Holding signed in May 2023 a memorandum of understanding (MoU) to establish a joint venture (JV), specialized in real estate development and management, to develop Dirah District Markets, central Riyadh.
In May 2024, Riyadh Development announced extending the MoU for an additional six months.
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