Riyadh Development Company and Riyadh Holding Company have teamed up to rejuvenate and upgrade the commercial markets in the Qasr Al-Hukm area. This newly formed partnership will take charge of the assets, serving as the main developer and operator.

Valued at $405.37 million, the partnership harnesses the combined expertise of both companies in commercial and service real estate development. The assets on land owned by the two firms in central Riyadh include Al-Taamir Markets, Al-Muaiqiliyah Center, and Al-Dira Markets.

Riyadh Development Company’s contribution to the Al-Taamir Wholesale Commercial Center constitutes 46.34% of the partnership. In comparison, Riyadh Holding Company’s stake in the Al-Muaiqiliyah Commercial Center and Al-Dira Market accounts for 53.66%.

This arrangement aligns with Riyadh Development Company’s strategy of forming partnerships that enhance financial sustainability and improve operational efficiency in real estate management.

The partnership aims to create investment opportunities that enhance returns on the asset portfolio and forge strategic alliances to maximize shareholder value. It also seeks to strengthen the focus on real estate development and property management.

In 2023, Saudi Arabia’s commercial real estate market was valued at $20.71 billion and is projected to grow at a CAGR of 8.65%, reaching $31.35 billion by 2028.

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