Riyadh Development completes transfer of Ta'meer Market to associate

Riyadh Development transferred its wholesale center to an associate as part of a joint venture structure, with no financial impact recorded

Riyadh Development Co. completed the transfer of the contributed asset, T'ameer Market, to its associate Dira Development Company for Real Estate Development and Investment, according to a statement to Tadawul.

There is no relevant financial impact, the statement added.

In July 2024, the company revealed plans to establish a simplified joint-stock firm with Riyadh Holding Co. to develop the AlDirah district. It will hold a 46.34% stake in the new entity, through an in-kind contribution to Ta'meer Market that is valued at nearly SAR 675 million.

Ta'meer Market, a mixed-use complex on King Fahd Road in Riyadh’s AlDirah district, spans 104,480 square meters and includes over 1,160 residential, office and commercial units, along with retail spaces.