Arriyadh Development Co. (ARDCO) and Sumou Holding Company have set up Tanal for Real Estate Investment and Development LLC with SAR 100,000 in capital, ARDCO said in a bourse statement Monday.

 

ARDCO owns 69.38 percent in the new firm, while Sumou Holding owns the remaining 30.62 percent – the same stakes each owns in the 3 million square meter land in Al-Thumamah, Riyadh.

 

The move aims to transfer the assets of ARDCO’s Real Estate Development Fund, which is being closed, and also to finish the remaining 5 percent in the land’s infrastructure works, the statement said.

 

As a result, ARDCO expected a financial impact to show on its Q3 2019 results.

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