Riyadh Development OGM to vote on forming JV for Deira development on Aug. 15

Logo of Riyadh Development Co.

Riyadh Development Co.'s shareholders will discuss the establishment of a simplified joint-stock company with Riyadh Holding Co. to develop the Deira area, during the ordinary general meeting (OGM) that will be held on Aug. 15.

In a statement to Tadawul, the company said it will hold a 46.34% stake in the new entity, through an in-kind contribution to Al-Tameer Wholesale Commercial Center that is valued at nearly SAR 675 million.

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There are no preferential terms for the joint venture (JV), the developer added.

Related parties to the transaction are Prince Faisal bin Abdulaziz bin Ayyaf, Chairman of Riyadh Development and Riyadh Holding, as well as Fahd Al-Qassim, a board member of the two companies. This is in addition to Abdullah Al-Bahouth, a board member of Riyadh Development, representing the General Organization for Social Insurance (GOSI) which holds a stake in Riyadh Holding.