Saudi-based Arriyadh Development Company (ARDCO) has announced that it has reached an agreement with Burj Al Balad Company to acquire an office building on King Fahad Road in Riyadh for SR168 million ($44.7 million).

 

ARDCO is a Saudi Joint Stock Company set up by Prince Salman Bin Abdul Aziz, Prince of Al-Riyadh region and Honorary President of the Board of Directors.

 

The company is a major player in the infrastructure services sector as well as a developer of retail, residential, and office buildings. 

 

The property, located in Al Malga Area north of the capital city, has two basements in addition to a ground and a mezzanine floor and 12 floors, stated Arriyadh Development Company in its filing to Saudi bourse Tadawul. 

 

The expected annual revenue from the property is anywhere between SR12 to 14.3 million, it added.