(MENAFN) On Sunday, Riyadh Development Company announced a significant partnership with Riyadh Holding Company to form a new simplified joint-stock entity dedicated to the development of the Deira area in Riyadh. This new venture will be established with assets valued at 1.522 billion riyals (approximately USD405.65 million). According to the statement released on the Saudi Stock Exchange website, Riyadh Development Company will hold a 46.34 percent stake in the new entity through an in-kind contribution, which includes a wholesale commercial construction center. Meanwhile, Riyadh Holding Company will contribute the Al-Muaiqiliyah commercial center and the Deira market, representing a 53.66 percent share in the partnership.

The assets involved in this development project are situated on lands owned by both companies in central Riyadh. This includes significant properties such as Al Taameer Markets, Al Muaiqiliyah Center, and Al Deira Markets. The newly formed entity will focus on managing and operating these markets, leveraging the combined expertise of Riyadh Development Company and Riyadh Holding Company in developing and managing commercial and service real estate projects. The collaboration aims to enhance the commercial landscape in the Qasr Al-Hukm area and drive forward the development and operation of key market assets. 

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