Other Investments
ARDCO has carried out various investment activities , as follows: 1. Investment in the Saudi Heritage Hospitality Company (a closed Saudi joint stock company) with 2 million shares with a total value of 20 Mn SAR , at 8% of the capital. The company paid 5 Mn as an installment of its share in the investment , of which it recovered 1.2 Mn SAR within 2022. The company is currently under liquidation. 2. On 05/20/2019 , we partnered with Sumou Holding Company to establish Tanal Real Estate Investment and Development Company (a limited liability company) with a capital of 100 , 000 Saudi riyals , with ARDCO owning 69.38% for Riyadh Development Company and Sumou Holding Company owning the remaining 30.62%. This corresponds with the percentage each company owns in the AlThumama land , which constitutes an area of 3 Mn m2 for the purpose of transferring the assets of the first Riyadh Real Estate Development Fund , in which participation was closed on 10/15/2019. This was in order to complete the implementation of the remaining infrastructure developments on the land in question. During Q2 2021 , it was agreed to transfer 10% of Sumou Holding Company’s stake in Tanal to Sumou Real Estate Company. Accordingly , the ownership percentage in Tanal Real Estate Investment and Development Company of Sumou Holding Company decreased to 20.62% with Sumou Real Estate Company entering at 10% and ARDCO’s stake remaining the same. ARDCO’s total investments in Tanal amounted to 237 , 264 , 477 SAR as of 12/31/2022. 3. Investing in short-term Murabaha investment deposits with Alinma Bank amounting to 120 Mn SAR. 4. Investing in short-term Murabaha investment deposits with Al Rajhi Bank amounting to 150 Mn SAR. 5. Investing in long-term Murabaha investment deposits with Al Rajhi Bank amounting to 600 Mn SAR.
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