First Avenue’s white land partnership program’s financial impact undetermined

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. announced that the financial impact of its “Tanmia” program for partnership with white land owners in Riyadh cannot be determined currently.

Additionally, the program’s implementation period, as well as the timeline of partnerships and projects, cannot be determined at this stage, the company said in a statement to Tadawul.

The program’s nature is based on studying and evaluating each development opportunity on a case-by-case basis.

Each transaction or project approved under the program will be handled separately. The details and financial impact of the project will be disclosed once the necessary studies are completed and approvals are received from relevant authorities, in line with the Capital Market Authority’s regulatory requirements.

According to data available with Argaam, First Avenue launched the “Tanmia” program in September as an innovative partnership initiative with landowners in Riyadh. The program aligns with government efforts to boost real estate development by increasing residential and commercial supply in the capital and turning white land into integrated, high-value projects.

The initiative aims to collaborate with landowners to transform the burden of annual fees into investment opportunities through joint development partnerships that enhance land utilization, maximize asset value, and accelerate the conversion of undeveloped land into integrated residential, commercial, and educational projects.