PREVIEW

The private sector in the K.S.A. has been greatly supported and encouraged by the government of the custodian of the Two Holy Mosques. In line with this support, the private sector has been provided with the basic infrastructure that it needs in the course of development. Among the prime constituents of this infrastructure are roads, telecommunications, customs and banking facilities, direct financing, loans and other constituents of the multi-faceted support offered by the government to the private sector.

The Government of the Custodian of the Two Holy Mosques has unsparingly extended a helping hand to the private sector in the hope of enabling it to participate actively and effectively within its capacities in developing the home country by presenting opportunities in different fields of investment the diversity of which assists in determining the methods of participating in enriching this country's prosperity. Now, praise be to Allah, that there is available in K.S.A. substantial technical manpower which is reinforced by training, rehabilitation and education, efforts can be crowned with success. As an offspring of our discrete leadership's confidence in the ability of the private sector in assuming its patriotic responsibility with a sense of duty, Arriyadh Development Company has emerged after the graceful directive of the Custodian of the Two Holy Mosques, King Fahd Ibn Abdulaziz, may Allah give him a new lease of life, had been issued to pave the way for business investors and proprietors to develop the Qasr Al Hukm Area. This intelligent gesture was voluntarily graced by His Royal Highness Prince Salman Ibn Abdulaziz, Emir of Riyadh Area and Chairman of the High Commission for developing Riyadh City, who adopted the idea and duly translated words into actions. Consequently, Arriyadh Development Company came into existence as a vigorous joint-stock company whose scope of work and projects have widely expanded making it a vivacious joint business entity in the gorgeous capital of the Kingdom of Saudi Arabia.

The approval for establishment of the company was authenticated by a royal decree issued by the Custodian of the Two Holy Mosques which bore the number 4/B2372 and dated 8/3/1412H. This approval marked the foundation of the company's work which was also licensed by the Royal Decree Number M2/ that was issued on 9/2/1414H.

In the wake of this, the company was launched into business with a capital of SR1,000,000,000 (One Billion Saudi Riyals) represented by 20,000,000 shares bearing a face value of 50 Saudi riyals per share.

The Company's Foundation Committee

The Foundation Committee of Arriyadh Development Company compromises eleven nominated members who have been selected from founders, along with His Excellency Dr. Mohammed Ibn Abdulaziz Al-Al Sheikh, Member of the High Commission for Developing Riyadh City and Chairman of the Projects and Planning Center which branched out of the High Commission for Developing Riyadh City, who has been designated chairman of the committee.

The committee took all necessary establishing measures, persued economic feasibility studies, and took care of the company's interests all through the foundation stage.

Business Objectives

The company's objectives have been set as follows:

Firstly: To set up the commercial premises, office and residential buildings as well as service facilities such as parking lots, and investing these facilities in Qasr Al Hukm area. The company should also explore further avenues of investment.

Secondly: To construct residential complexes and sell them for cash and in installments or lease them.

Thirdly: To manage developmental projects which prove to be economically fruitful and invite citizens' participation.

Fourthly: To construct public parks and tourist compounds to be sold or leased.

Fifthly: To construct commercial and industrial showrooms to be leased, sold, or managed.

Sixthly: To carry out those kinds of activities that will ensure the accomplishment of the company's objectives.