Riyadh – Mubasher: Arriyadh Development Company has announced the signing of SAR 576.01 million contracts to sell parts of a project scheme, representing a plot of 357,533 square metres.

On 18 March, Arriyadh received a letter from Adeer Real Estate Company, the exclusive marketing agent of Tenal for Investment and Real Estate Development-an associate firm- referring that Adeer has inked the contracts to sell parts of the Tenal scheme, according to a bourse filing on Sunday.

Adeer will start the evacuation procedures as of next week.

Arriyadh Development Company holds a 69.38% stake in the sales; hence, the company will achieve SAR 180 million profits from these transactions.

The contracts' financial impact will be registered during the first and second quarters of 2021.