Riyadh Development Company Partners with Riyadh Holding to Form a Joint-Stock Company Focused on Al Dira Area Development
%2Fuploads%2Fpr%2520articles%2F2024%2F08%2F27_6development.jpg&w=3840&q=75)
Riyadh Development Company has signed an agreement with Riyadh Holding Company to form a joint-stock company, according to a bourse filing dated August 25, 2024. The partnership will focus on developing the Al Dira area, with Riyadh Development contributing 46.34% to the new entity through its in-kind investment in the Al Taamir Wholesale Commercial Center.
The joint venture will manage and operate the markets in the Qasr Al Hukm area, with assets valued at SAR 1.52 billion. This move aligns with Riyadh Development's strategy to enhance financial sustainability and operational efficiency in real estate management.
The project is also expected to generate investment opportunities that will improve returns on the company's asset portfolio. Riyadh Development, listed on the Tadawul, aims to engage in strategic partnerships that boost overall shareholder returns, particularly in real estate development and property management.
In the first half of 2024, Riyadh Development reported a 114.61% year-on-year increase in net profits, reaching SAR 162.40 million, up from SAR 75.67 million in the same period last year.
Source: Mubasher
%2Fuploads%2Fsaudi-diriyah%2Fcover.jpg&w=3840&q=75)
%2Fuploads%2Fsaudi-diriyah%2Fvideos%2Ftrailer-thumb.jpg&w=3840&q=75)
%2Fuploads%2Fsaudi-diriyah%2Fvideos%2FDiryah02_Europe.jpg&w=3840&q=75)
%2Fuploads%2Fsaudi-diriyah%2Fvideos%2FDiryah02_AfricaMiddleEast.jpg&w=3840&q=75)
%2Fuploads%2Fsaudi-diriyah%2Fvideos%2FDiryah02_AsiaPacific.jpg&w=3840&q=75)
%2Fuploads%2Fsaudi-diriyah%2Fvideos%2FDiryah02_AllAmericas.jpg&w=3840&q=75)
%2Fuploads%2Fsaudi-diriyah%2Fvideos%2Fvid02_sDir.jpg&w=3840&q=75)
%2Fuploads%2Fsaudi-diriyah%2Fvideos%2Fvid01_sDir.jpg&w=3840&q=75)
