Arriyadh Development Co. — Capital/Financing Update 2024

Dec 9, 2024

Riyadh Development Company (ARDCO) announces the signing of a strategic partnership agreement with the aim of developing a “logistics complex” project in Al Remal District in Riyadh with Agility Logistics Parks

4150 · 09/12/2024 15:35:40 · Announcement #84069 · View on Saudi Exchange

Riyadh Development Company (ARDCO) announces the signing of a strategic partnership agreement with the aim of developing a “logistics complex” project in Al Remal District in Riyadh with Agility Logistics Parks

Element List	Explanation
Introduction	Riyadh Development Company (ARDCO) announces the signing of a strategic partnership agreement with the aim of developing a “logistics complex” project in Al Remal District in Riyadh with Agility Logistics Parks
Date of Announcement of the Award	2024-12-09 Corresponding to 1446-06-08
Contract Subject Matter	Development of a “logistics complex” project in Al Remal District in Riyadh
The Entity with Which the Contract was Signed	Agility Logistics Parks
Date of Signing the Contract	2024-12-09 Corresponding to 1446-06-08
Contract Value	227 Million Saudi Riyal
Contract Details	Developing a “logistics complex” project in the Al Remal District in Riyadh with a total value of up to 227 million Saudi Riyals. The project extends over an area of 97,904 square meters and aims to create an integrated logistics complex with international specifications. The project includes the construction of 58,000 square meters of Grade A warehouses. The share of “ARDCO” will be 40% of the total value of the project, while the share of “Agility Logistics Parks” will be 60% of the total value of the project.
Contract Duration	Construction is expected to begin in 2025, and the logistics complex is scheduled to open in the second half of 2026.
Financial Impact and the Relevant Period	It will be announced later and in due course.
Related Parties	None
Additional Information	Riyadh Development Company launched its strategy at the beginning of the year 2023 under the theme “Invest for Growth,” in which it defined its approach, which revolves around banking on 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 high priority, including logistics real estate development, to keep pace with the rapid growth in the economy of the city of Riyadh and its projects.

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