‎Riyadh Development signs MoU with Arriyadh Holding for JV to Develop Dirah District Markets

‎Riyadh Development signs MoU with Arriyadh Holding for JV to Develop Dirah District Markets

Riyadh Development Co. (ARDCO) signed on May 21 a memorandum of understanding (MoU) with Arriyadh Holding Co. 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 companies towards launching diversified investment and service initiatives in the city to increase quality of service and achieve shareholder aspirations. The MoU is part of ARDCO’s efforts to keep pace with the urban and economic renaissance of both the city and the Kingdom and is consistent with the city's strategy as well as the Kingdom's Vision 2030 objectives and aspirations for sustainable development.

The MoU was signed under the auspices of His Highness Prince Faisal bin Abdulaziz bin Ayyaf, Mayor of Riyadh Region and Chairman of both ARDCO and Arriyadh Holding Company. Mr. Jehad bin Abdulrahman Alkadi, CEO of ARDCO, and Eng. Asim bin Muhammad Al-Suhaibani, CEO of Arriyadh Holding Company, both signed the MoU at the Riyadh Region Municipality.

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 AlTameer Wholesale Markets, Al-Moaiqliah Trading Centre,