Riyadh – Mubasher: Arriyadh Development Company (ARDCO), in collaboration with Sumou Holding Company, has established a new real estate developer, Tanal for Real Estate Investment and Development LLC.

The capital of the newly established company amounted to SAR 100,000, according to a recent filing to the Saudi Stock Exchange (Tadawul).

The move aims at transferring the assets of ARDCO’s Real Estate Development Fund, which is being closed, in addition to finishing the remaining 95% in the land’s infrastructure works.

ARDCO holds a 69.38% stake in Tanal for Real Estate Investment, while Sumou Holding owns the remaining shareholding, 30.62%.

The financial impact of the new company will be realised in the financials of the third quarter of 2019.