Our Journey
1994 Establishment With King Salman Bin
1997 Development Meat & Vegetable Market in Al Bathaa Inaugurated 1997
2016 - 2019 New partnerships ◊ Otaiqah Central Market Partnership with Riyadh Municipality 1st phase inaugurated 2016 2nd phase inaugurated 2019 ◊ Tanal Real Estate Development & Investment project partnership Land in-kind contribution worth 69.38% of the company ’ s equity in the partnership 1999 - 2000 Inauguration of Riyadh Market & AlTameer Wholesale Center ◊ Riyadh Market Inaugurated 1999 ◊ AlTameer Wholesale Inaugurated 2000 ◊ Commencement of Tilal Al Riyadh land development
ARDCO’s journey began in 1994 , built upon the grand vision for the future from King Salman bin Abdulaziz , during his time as Governor of Riyadh. We ventured into our first mandate to develop the Qasr AlHukm area in central Riyadh , followed by the Batha Meat & Vegetables Market in 1997 , the Riyadh Market in 1999 , and Tilal AlRiyadh in AlMalqa district. Between 2001 and 2007 , our business underwent a significant expansion through real estate development , investment , as well as the establishment , operation , and management of public good services. This period witnessed the opening of the Public Transportation Center in 2001 , the Aziziyah Fruits & Vegetables Market in 2005 , and AlTameer International Car Auction in 2007. As our ambitions grew , we sought to facilitate our expansion by raising ARDCO’s capital from 1 Bn SAR to 1.3 Bn in 2014. This constituted a significant leap in our sector , with which we were able to acquire land in AlThumama to begin a new phase in our company’s development. In 2016 , we entered into a partnership with the Riyadh Municipality to operate the Oteiqah Central Market under a BOT framework , with which Oteiqah Market saw significant stages of growth throughout the years. We also entered a partnership with a real estate partner in the Tanal Real Estate Investment and Development Project , with our AlThumama property as an in-kind contribution equivalent to a 69.38% share of the project. 2023 saw the beginning of a new phase in our transformation wherein we launched our new corporate strategy , focusing on legacy , diversification , growth , sustainability , and digital transformation. As one of our first steps in bringing our strategy to life , we established a partnership with Riyadh Holding Company to establish an entity to manage our key real estate assets in AlDirah in central Riyadh. Immediately following , these early stages of growth we signed a framework agreement with Misk Foundation to develop educational facilities , with an estimated cost of around 275 Mn SAR , including the value of the land owned by a coalition led by ARDCO and a binding lease contract for a period of 25 years , subject to renewal. This key development will contribute to maximizing shareholder return as well as supporting the Kingdom of Saudi Arabia’s Vision 2030 into the future.
Abdulaziz ’ s vision. ARDCO was established with His Majesty as the 1st honorary Chairman of the Board , setting the foundation for the company ’ s 1st mixed-used development in the center of Riyadh (AlTameer Wholesale Center)
2001 - 2007 Expansion of Activities ◊ Bus Terminal Inaugurated 2001 ◊ Alaziziyah Fruits & Vegetable Market Inaugurated 2005 ◊ AlTameer International Car Auction Inaugurated 2007
2014 - 2015 Increase the company ’ s capital ◊ Capital Increase Capital increase from SAR 1 Bn to SAR 1.3 Bn. ◊ AlTameer Plaza 3 inaugural and commencement of its operations. Purchase of a 2.5 Mn sqm super plot in Thumamah. 2021 Memorandum of Understanding ◊ A memorandum of understanding with the Ministry of Environment , Water and Agriculture regarding public benefit markets.
2020 Tanal Sales Commence ◊ Launch of Thumamah land sales (Tanal] through Tanal Real Estate Development & Investment Company.
2022 Strategy development ◊ Starting the work of developing the company ’ s new strategy.
2023 Quality Partnerships ◊ Launch of ARDCO’s new corporate strategy under the name “Invest for growth”. ◊ MoU with Riyadh Holding Company to establish an entity to develop AlDirah district assets. ◊ 25-year framework agreement with Misk Foundation to develop educational facilities
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