Arriyadh Development Co. — Capital/Financing Update 2024

Dec 17, 2024

Riyadh Development Company (ARDCO) announces the signing of an agreement to establish a real estate investment fund to develop URBAN WADI within Sports Boulevard Project with a value exceeding 3.5 billion riyals

4150 · 17/12/2024 09:13:08 · Announcement #84200 · View on Saudi Exchange

Riyadh Development Company (ARDCO) announces the signing of an agreement to establish a real estate investment fund to develop URBAN WADI within Sports Boulevard Project with a value exceeding 3.5 billion riyals

Element List	Explanation
Introduction	Signing an agreement to establish a real estate investment fund between Riyadh Development Company, the Sports Boulevard Company for Real Estate Development & Investment, the Turkish FTG Development Company, managed by Jadwa Investment Company, and appointing the alliance of Riyadh Development Company and FTG Development as a real estate developer for the mixed-use towers project in the URBAN WADI, one of Sports Boulevard's destinations in the capital city, Riyadh. With a value exceeding 3.5 billion Saudi riyals.
Date of Announcement of the Award	2024-12-16 Corresponding to 1446-06-15
Contract Subject Matter	Establishing a real estate fund to develop a mixed-use real estate project in the URBAN WADI, one of Sports Boulevard's destinations in the capital city, Riyadh, and appointing the Riyadh Development Company and FTG Development alliance as the real estate developer for the project. Subject to obtaining the Capital Market Authority approval.
The Entity with Which the Contract was Signed	Sports Boulevard Company for Real Estate Development & Investment

FTG Development

Jadwa Investment Compan Date of Signing the Contract 2024-12-16 Corresponding to 1446-06-15 Contract Value Exceeding 3.5 billion Saudi Riyal Contract Details The project is located within the domain of the Sports Boulevard, in one of the most prominent strategic locations in the heart of the capital, at the intersection of King Fahd Road and Prince Mohammed bin Salman Road. It extends over an area of 39,759 square metres, with built-up areas exceeding 207,000 square metres, becoming one of the most important landmarks that will contribute to redefining the skyline of the city of Riyadh through the development of a mixed-use project within the “Sports Boulevard” project.

The fund includes “Sports Boulevard Company for Real Estate Development and Investment” as a main investor by contributing the land (in-kind investor), Riyadh Development Company as a local investor, and FTG Development Company through foreign direct investment. The alliance between Riyadh Development Company and the Turkish FTG Development Company will undertake the real estate development work for the project, while Jadwa Investment will assume the duties of managing the fund as a fund manager. Ownership percentages will be determined after completing the project study. Contract Duration 7 years, extendable Financial Impact and the Relevant Period It will be announced later and in due course. Related Parties His Highness Prince Faisal Bin Abdulaziz Bin Ayyaf, PhD

Chairman of the board of directors of Riyadh Development Company (ARDCO)

Member of Board of Directors of Sports Boulevard Foundation, whereby the Sports Boulevard Company for Real Estate Development & Investment is an associate company. Additional Information Riyadh Development Company (ARDCO) launched its strategy at the beginning of the year 2023 under the theme of “Invest for Growth”, in which it defined its approach, which revolves around benefiting from value-added partnerships. The strategy defined its sectorial priorities, as it focused specifically on the real estate development sector and development management, represented in several sub-sectors of priority, including residential, offices and logistics real estate development, to keep pace with the rapid growth in the economy of the city of Riyadh and its projects.

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.