USD 405M Partnership to Revitalize Riyadh’s Historic Qasr Al-Hukm Area
The development will aim to preserve the area’s historic integrity as an important cultural heritage site.
Two major state-owned and publicly listed companies, Riyadh Development Co. and Riyadh Holding Co., have established a new joint entity that will take ownership and operational control of assets within the historic Qasr Al Hukm Area in Central Riyadh.
The new entity will manage a commercial real estate portfolio valued at SAR 1.52 billion concentrated around central Riyadh’s historic Qasr Al Hukm area. The development will aim to preserve the area’s historic integrity as an important cultural heritage site while enhancing its role as a major commercial hub.
Riyadh Development Co. will contribute 46.34% to the joint venture, largely through its substantial stake in the Al Taamir Wholesale Commercial Center, while Riyadh Holding Co. will provide the remaining 53.66% share, contributing major assets from the Al-Muaiqiliyah Commercial Center and Al-Dira Market.
