Riyadh’s North Market evacuation deadline set for Oct. 30

Logo of The National Company for Agricultural Services (AgriServ) 

The National Company for Agricultural Services (AgriServ) announced that the deadline for evacuating the North Market for Fruits and Vegetables in Riyadh will be no later than Oct. 30, 2025, as per a notice from Riyadh Municipality.

In a circular to the market’s tenants, the company emphasized the need to vacate and hand over their units to the market’s operating company for the site’s clearance and transfer to the Riyadh Municipality.

The company will not be responsible for the management, operation, cleaning, or maintenance of the market after the deadline.

According to Argaam’s data, Riyadh Development Co. issued, in January, a shareholders circular for a capital increase from SAR 1.78 billion to SAR 2.34 billion, through issuing 56.15 million shares, for buying two real estate assets owned by Remat Al-Riyadh Development Co.

The purchased assets were a 787,480-square-meter (sqm) land plot north of Dammam Road, Al-Rimal District, and a 214,000-sqm plot south of the Northern Ring Road, Al-Murooj District.

The North Market for Fruits and Vegetables is located on Al-Murooj land, which is wholly owned by Remat Al-Riyadh.

Riyadh Development plans to develop the land for infrastructure and superstructure.

The land’s ownership was officially transferred from Riyadh Municipality to Remat Al-Riyadh on Oct. 6, 2022. However, Riyadh Municipality continues to be the primary beneficiary from all the active lease contracts related to this land.

Al-Murooj’s lease portfolio includes 173 contracts as of June 30, 2024, of which 79 expired on or before July 6, 2024, 91 contracts expired on Oct. 3, 2024, and one contract expired on Oct. 4, 2024.

Two long-term contracts remain active. The first is a SAR 3.6 million annual lease for a community kitchen project serving families and expires on March 1, 2032, while the second is a SAR 83,000 annual lease for a bank ATM, expiring on Sept. 17, 2030.