Riyadh Development boasts SAR 7.5B project backlog: CFO

Mohammed AlKulaib, CFO of Riyadh Development Co. 

Riyadh Development Co.’s project backlog has reached up to SAR 7.5 billion, CFO Mohammed AlKulaib told Al Arabiya TV.

This includes the Riyadh Real Estate Development ANB Capital Fund and the Sports Boulevard project. The latter alone is valued at approximately SAR 3.5 billion, he explained.

These projects are expected to deliver a positive impact. They will be financed through a combination of the company’s cash reserves, which exceed SAR 960 million, and project-specific borrowings.

Riyadh Development, according to the CFO, targets 10-15% in returns from these projects.

He also noted that the Saudi-listed developer currently operates six commercial centers. These assets are valued at SAR 800 million, with their market value exceeding SAR 2.5 billion.

AlKulaib pointed out that Riyadh Development has set foot into the real estate development field with the Mohammed bin Salman Foundation (Misk Foundation) schools project, was launched last year.

This project generated SAR 5 million and SAR 2.5 million in revenues in Q4 2024 and H1 2025, respectively. It is poised to contribute an additional SAR 2.5 million in H2 2025.

He also stated that the company has set aside provisions for bad debts covering 73% of outstanding receivables, which amounted to approximately SAR 50 million as of June 2025-end.

According to data available with Argaam, Riyadh Development’s net profit declined to SAR 107.7 million in H1 2025, from SAR 162.4 million in H1 2024. The second-quarter profit amounted to SAR 65.6 million.