Dubai: Riyadh Development Company and Riyadh Holding Company enter into an agreement to create a new entity that will manage and develop the markets in the Qasr Al-Hukm area.
Qasr Al-Hukm is a cultural heritage landmark in Riyadh.
This entity will own assets valued at $405.37 million (Dh1.4 billion), according to a Saudi Exchange filing.
The partnership leverages the expertise of both companies in managing and developing commercial and service real estate projects. The assets involved, located on lands owned by the companies in central Riyadh, include Al Taamir Markets, Al Muaiqiliyah Center, and Al Dira Markets.
Riyadh Development Company's contribution, represented by the Al Taamir Wholesale Commercial Centre, accounts for 46.34 per cent of the partnership, while Riyadh Holding Company's contribution, covering Al Muaiqiliyah Commercial Center and Al Dira Market, represents 53.66 per cent.
This agreement aligns with Riyadh Development Company's strategy to form strategic partnerships that foster financial sustainability, enhance operational efficiency, and improve real estate management.
Additionally, it aims to generate investment opportunities, boost asset portfolio returns, and forge partnerships that maximise shareholder value and focus on real estate development and management.
