Riyadh – Mubasher: Riyadh Development Company inked an agreement with Riyadh Holding Company, on 25 August 2024, to establish a joint-stock company, according to a bourse disclosure.

The two parties will develop the Al Dira area, where Riyadh Development's share is 46.34% in the new entity through an in-kind contribution to Al Taamir Wholesale Commercial Center.

The joint venture (JV) will own the assets, playing the main developer and operator of the markets in the Qasr Al Hukm area. The total assets value stands at SAR 1.52 billion.

In line with Riyadh Development’s strategy, the deal will enable the company’s objectives to achieve financial sustainability and boost efficiency in operational activities and real estate management.

The joint project also aims to create investment opportunities that contribute to enhancing the return on the asset portfolio.

The Tadawul-listed firm plans to enter qualitative partnerships that bolster the total return for shareholders, focusing on real estate development and property management operations.

In the first half (H1) of 2024, the net profits of Riyadh Development hiked by 114.61% year-on-year (YoY) to SAR 162.40 million from SAR 75.67 million.