ARDCO signs an MoU with Riyadh Holding Company to create an entity to develop AlDirah markets As part of our transformation to a holding company
Aligning with Vision 2030 • Contributing to achieving the Riyadh City Strategy goals , which aims to attract over 42 million visitors by 2030 through developing tourist attraction areas. • Achieving full integration with Vision 2030 across government entities. • Creating an entity that strives to develop the Qasr AlHukm area into an outstanding retail and tourism destination. Economic Impact • Improving integration between the three assets will allow for the raising of occupancy rates as well as improving operational efficiency. • Capitalizing on economies of scale in operation and maintenance will lead to lower costs for both companies. • Improving returns for both companies as well as maximizing total shareholder return. Location and Assets • The assets are located in a strategic location in the heart of historic Riyadh , near Qasr AlHukm. • The three assets are situated on a total of 170 thousand m2 of land: AlTameer Center , AlMeaiqliyah Center , and AlDirah Markets. • The assets have a combined total of 88 thousand m2 of office space and 140 thousand m2 of retail space. • The total combined value of the assets is estimated between 1.2 Bn to 1.4 Bn SAR.
Palace of government
Al Masmak Palace
Al-Muaqiliyah Commercial Center
Al-Tameer Commercial Center
Sheikh Mohammed Al Sheikh Mosque
King Fahd Road
The total area of the centers 170,000 m²
Deira markets
m² Residential space 17,000
m² Commercial space 140,000
Office space 88,000
Total number of parking spaces 3500 parking
m²
Pioneering a Sector • This agreement seeks to establish a pioneering entity in the development and property management sector in central Riyadh. • It is the result of decades of experience and the track record of both companies in real estate and asset management in traditional markets. • This partnership aims to contribute to Riyadh in solidifying its position as an economic , trade , and tourism hub.
19
Made with FlippingBook - Share PDF online