The MoU will allow for the establishment of an entity that will manage assets owned by the two companies, strengthening the partnership between both parties
Saudi-based Riyadh Development Company (ARDCO) has joined hands with Arriyadh Holding Company to set up a key entity in the real estate development and property management sector in central Riyadh.
This partnership is aimed at establishing a leading entity in the real estate development and property management sector in AlDirah District in central Riyadh as well as strengthen cooperation between the two entities towards launching diversified investment and service initiatives in the city to increase quality of service and achieve shareholder aspirations.
The MoU was signed by Jehad bin Abdulrahman Alkadi, the Chief Executive of ARDCO, and Engineer Asim bin Muhammad Al Suhaibani, the CEO of Arriyadh Holding Company in the presence of Prince Faisal Bin Abdulaziz Bin Ayyaf, the Chairman of the Board of Directors of Riyadh Development Company and also Chairman of the Board of Directors of Arriyadh Holding Company.
The MoU will allow for the establishment of an entity that will manage assets owned by the two companies, strengthening the partnership between both parties. The assets include Al Tameer Wholesale Markets, Al Moaiqliah Trading Centre and Dirah Markets, which are some of Qasr AlHukm district’s key properties.
The entity will integrate efforts between the three assets, improve occupancy rates, and enhance operational efficiency. According to ARDCO, the new entity will serve as a developer and leading operator of the district’s markets. It aims to benefit from both companies’ experience in the development and management of commercial and service real estate projects.
The MoU aims to support in further developing the city center, capitalizing on economies of scale, to improve operational efficiency and create a destination that provides a unified visitor experience and an authentic hub for outstanding business and tourism, it added.