Arriyadh Development Co. (ARDCO) said that it has closed, on Tuesday, Riyadh Real Estate Development Fund I and expects the financial impact to reflect on financial statements of Q4 2019.
The objective of the fund was to develop and implement the infrastructure of Al Thumama Land, which has a total area of 3 million square meters. ARDCO owns a share of 69.38 percent with the remaining 30.62 percent owned by Adeer Co., the listed company said in a bourse statement.
The fund had a term of three years and was managed by Alinma Investment Co., the statement added. In June, Arriyadh Development Co. (ARDCO) and Sumou Holding Company, which owns Adeer, set up Tanal for Real Estate Investment and Development LLC with SAR 100,000 capital, Argaam reported earlier.
The move aimed to transfer the assets of ARDCO’s Real Estate Development Fund, which is being closed, and also to finish the remaining 5 percent in Al Thumama land’s infrastructure works.
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