Foreword
“Thirty Years of Successful Legacy... And Prosperous Thirty to Come.” ARDCO celebrates 30 years since its establishment as a key building block of the inspiring vision of the Custodian of the Two Holy Mosques , King Salman bin Abdulaziz , may God protect him. ARDCO was established as a strategic partnership within the private sector , enabling it to make its mark in the Kingdom’s economic renaissance , and allowing Riyadh to become a global standard of urban prosperity as a model of welfare and quality of life. The Board of Directors of Riyadh Development Company anticipate a bright future for our beloved country in light of the Kingdom’s Vision 2030. as we transition from a thirty-year journey filled with achievement and success , which witnessed the company’s successive boards of directors and its executive teams succeed in harnessing all its capabilities and resources to build a titan of industry that not only brought about positive social impact , but did so while maximizing total shareholder return for its investors. Accordingly , at the beginning of 2023 , the board launched our company strategy under the theme of “Invest for Growth” to actively participate in the growth and development witnessed by the Kingdom and its capital , Riyadh has shown particular success and continues to be a vital contributor to the Kingdom’s economy. Through this , we seek to launch more key real estate investment and development projects and initiatives , while establishing , operating and managing public good service projects , deeply aware of our role and responsibility in contributing to the Saudi economic renaissance and working towards sustainable growth. ARDCO possesses a great commitment to our vision , mission and values , adopting a comprehensive strategy that invests with clear goals , builds on our rich heritage , and carries us towards an ever brighter future. “Development for a sustainable future…” As we launched the company ’ s strategy at the beginning of 2023 , we were determined to harness our capabilities to invest in growth. We worked to develop a slogan for this stage based on “Leverage Capabilities for Growth” by meeting the desired strategic objectives , and utilizing our capabilities and resources in the most optimal manner. Therefore , we directed the executive management to invest in building capabilities and competencies in order to achieve sustainable growth and prioritize knowledge transfer through project partnerships.
In our strategy , we have committed to maximizing the return on our current assets, while exiting underutilized or low-performing assets. As an example , an agreement was signed in order to establish a joint venture between ARDCO and Riyadh Holding Company to centralize all operations in the markets owned by the two companies (AlTameer , AlMeaigliyah , and AlDirah) , which would contribute to maximizing the return on assets. We also aimed to invest in new projects that fuels growth and contribute to establishing sustainable income and profits streams. The first of these investments was the signing of a 25-year framework agreement with the Misk Foundation to develop a number of educational complexes for their use. “We harness today... to harvest tomorrow” Leveraging our past achievements and aiming for our future goals, we express our sincere gratitude to our leadership for their unwavering support in propelling our beloved country forward. With unwavering optimism and a commitment to growth, we embark on this journey together. We recognize the tireless efforts of our employees, partners, and shareholders who are instrumental in achieving our shared vision and ambitions as we navigate our transformation.
Faisal bin Abdulaziz bin Ayyaf , PhD Chairman of the Board of Directors
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