RIYADH: Riyadh Development Co. hopes to pull in SR1 billion ($270 million) in revenue over the next 10 years by becoming an active real estate developer instead of just an investor.
The firm’s new strategy was announced by its chairman Prince Faisal bin Abdulaziz bin Ayyaf as he set out plans to turn the company, known as ARDCO, into a full-fledged holding company.
Bin Ayyaf, who is also mayor of Riyadh, said he wants the company to become a key player in human and urban development not only in the Kingdom’s capital, but in the country at large, according to a statement.
ARDCO CEO Jehad Alkadi argued that the new strategy will enable the company to become involved in projects worth more than SR6 billion, as well as helping the firm double its net income over the next 10 years.
As well as becoming an active real estate developer, ARDCO will also look to buy revenue generating assets, as well as create new opportunities for investment and finance emerging sectors.
The prime focus of the new strategy revolves around three major pillars: Improving and expanding the fresh produce business, notable growth in real estate development and fostering sustainability.
