Announcement: Riyadh Development Company Signs Memorandum of Understanding with Arriyadh Holding Company to Establish an Entity to Develop Dirah District Markets

Announcement: Riyadh Development Company Signs Memorandum of Understanding with Arriyadh Holding Company to Establish an Entity to Develop Dirah District Markets

|Element List||Explanation|

|Introduction||Riyadh Development Company (ARDCO) announces the signing of a Memorandum of Understanding (MoU) with Arriyadh Holding Company. This partnership aims to establish 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.|

|Memorandum Signing Date||2023-05-21 Corresponding to 1444-11-01|

|Counterparty||Arriyadh Holding Company|

|Memorandum Subject|| The MoU will allow for the establishment of a leading entity that will manage assets owned by the two companies, strengthening the partnership between both parties. The assets include:

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1.AlTameer Wholesale Center

2.Al-Moaiqliah Trading Center

3.Dirah Markets.

The entity will integrate efforts between the three assets, improve occupancy rates, and enhance operational efficiency.

|Memorandum Duration||One year|

|Related Parties|| This potential transaction involves the presence of related third parties. The following list includes these parties as of the date of the announcement:

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1. Chairman of the Board of Directors of Riyadh Development Company His Highness Prince Faisal Bin Abdulaziz Bin Ayyaf and is also Chairman of the Board of Directors of Arriyadh Holding Company.

2. Board Member of Riyadh Development Company Mr. Abdullah Albahouth representing the General Organization for Social Insurance which