AI Summary
Riyadh Development said the asset was contributed in-kind with a value of SAR 705.21 million in 2024.
Riyadh Development Co. said that T'ameer Market’s net cost stood at SAR 675 million at the time of the establishment of the new entity, Dira Development Co. for Real Estate Development and Investment, according to a statement to Tadawul.
The asset was contributed in-kind on Dec. 1, 2024 with a value of SAR 705.21 million and this was reflected in 2024 financial statements. The transfer of the asset to the new entity was completed on April 7, 2026 without any financial impact during this period.
According to data available on Argaam, Riyadh Development said yesterday, April 12, it has completed the transfer of the contributed asset, T'ameer Market, to its associate Dira Development.
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. The new entity was approved by shareholders in August 2024.
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.
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