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Riyadh Development Company announces its appointment as the developer of a SAR 2.1 billion real estate investment Fund managed by ANB Capital.
| Element List | Explanation |
|---|---|
| Introduction | The agreement was signed on Thursday, October 10, 2024, appointing Riyadh Development Company as the developer of a real estate investment Fund exceeding SAR 2.1 billion managed by ANB Capital. |
| Date of Announcement of the Award | 2024-10-10 Corresponding to 1446-04-07 |
| Contract Subject Matter | Infrastructure development for a real estate investment Fund. |
| The Entity with Which the Contract was Signed | ANB Capital |
| Date of Signing the Contract | 2024-10-10 Corresponding to 1446-04-07 |
| Contract Value | To be determined later |
| Contract Details | Land infrastructure project on a Land area of 1.8 million square meters east of Riyadh, leveraging on Riyadh Development Company’s expertise and track record in developing infrastructure projects. |
| Contract Duration | 4 Years |
| Financial Impact and the Relevant Period | To be determined later |
| Related Parties | None |
| Additional Information | Post Capital Market Authority’s approval, the Fund will be established and managed by ANB Capital. The Fund will own and develop the Land, with Riyadh Development Company participating as an investor with an estimated share of 10% of the Fund’s value. The objective of the Fund is to develop infrastructure on a Land area of 1.8 million square meters, which spans across three plots in Al Rimal, Al Qadisiyah, and Al Janadriyah east of Riyadh. The strategic location of the Land offers significant potential for future development of commercial, office, and residential real estate projects East of Riyadh. It is expected that the project will be developed and exited within four years. This Fund is part of the company’s strategy to develop land infrastructure and enhance its investments under the theme "Invest for Growth", with the objective to maximize total shareholders’ return and diversify investments. The company's experience as an investor and developer in this sector supports its ability to deliver prominent projects in Riyadh, contributing to the Saudi Vision 2030 goals, particularly in urban development scene in the Capital. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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