Riyadh Development Company (ARDCO) announces the signing of a strategic partnership agreement with the aim of developing a “logistics complex” project in Al Remal District in Riyadh.
The agreement was signed with Agility Logistics Parks.
The total value of the project is up to 227 million Saudi Riyals.
The project extends over an area of 97,904 square meters and aims to create an integrated logistics complex with international specifications. The project includes the construction of 58,000 square meters of Grade A warehouses. The share of “ARDCO” will be 40% of the total value of the project, while the share of “Agility Logistics Parks” will be 60% of the total value of the project.
Construction is expected to begin in 2025, and the logistics complex is scheduled to open in the second half of 2026.
Riyadh Development Company launched its strategy at the beginning of the year 2023 under the theme “Invest for Growth,” in which it defined its approach, which revolves around banking on value-added partnerships. The strategy defined its sectorial priorities, as it focused specifically on the real estate development sector and development management, represented in several sub-sectors of high priority, including logistics real estate development, to keep pace with the rapid growth in the economy of the city of Riyadh and its projects.
