Logo ofThe National Company for Agricultural Services (AgriServ)
The National Company for Agricultural Services (AgriServ) announced that the deadline for evacuating the Northern Market for Vegetable and Fruit in Riyadh will be no later than October 30, 2025, as per a notice from Riyadh Municipality. 
In a circular to the market’s tenants, the company emphasized the need to vacate the units and hand them over to the market’s operating company, in preparation for clearing all market facilities so they can be handed over to the Riyadh Municipality.
It also noted that, as of the above-mentioned date, it will bear no responsibility for the management, operation, cleaning, or maintenance of the market.
According to Argaam’s data, Riyadh Development Co. issued, in January, a shareholders circular for a capital increase from SAR 1.78 billion to SAR 2.34 billion, through issuing 56.15 million ordinary shares for buying two real estate assets owned by Remat Al-Riyadh Development Co.
The purchased assets are a 787,480-square-meter (sqm) land plot north of Dammam Road, Al-Rimal District, and a 214,000-sqm plot south of the Northern Ring Road, Al-Murooj District. The Northern Market for Vegetable and Fruit is located on Al-Murooj land, which is a plot wholly owned by Remat Al-Riyadh. Riyadh Development plans to develop the land as infrastructure an superstructure.
The Company plans to develop the land as an infrastructure and superstructure.
The land ownership was officially transferred from Riyadh Municipality to Remat Al-Riyadh on Oct. 6, 2022. However, Riyadh Municipality continues to be the major beneficiary from all currently active lease contracts related to this land.
Al-Murooj land lease portfolio includes 173 lease contracts as of June 30, 2024, of which 79 contracts for public benefit purposes expired on or before July 6, 2024, 91 contracts expired on October 3, 2024, and one contract expired on October 4, 2024. The two long-term contracts expire as follows:
– A lease contract with a tenant expiring on March 1, 2032, with an annual rent of SAR 3.6 million, related to a central community kitchen project serving productive families.
– A lease contract with a tenant expiring on September 17, 2030, with an annual rent of SAR 83,000, related to a bank ATM.
Logo ofThe National Company for Agricultural Services (AgriServ)
The National Company for Agricultural Services (AgriServ) announced that the deadline for evacuating the Northern Market for Vegetable and Fruit in Riyadh will be no later than October 30, 2025, as per a notice from Riyadh Municipality.
In a circular to the market’s tenants, the company emphasized the need to vacate the units and hand them over to the market’s operating company, in preparation for clearing all market facilities so they can be handed over to the Riyadh Municipality.
It also noted that, as of the above-mentioned date, it will bear no responsibility for the management, operation, cleaning, or maintenance of the market.
According to Argaam’s data, Riyadh Development Co. issued, in January, a shareholders circular for a capital increase from SAR 1.78 billion to SAR 2.34 billion, through issuing 56.15 million ordinary shares for buying two real estate assets owned by Remat Al-Riyadh Development Co.
The purchased assets are a 787,480-square-meter (sqm) land plot north of Dammam Road, Al-Rimal District, and a 214,000-sqm plot south of the Northern Ring Road, Al-Murooj District. The Northern Market for Vegetable and Fruit is located on Al-Murooj land, which is a plot wholly owned by Remat Al-Riyadh. Riyadh Development plans to develop the land as infrastructure an superstructure.
The Company plans to develop the land as an infrastructure and superstructure.
The land ownership was officially transferred from Riyadh Municipality to Remat Al-Riyadh on Oct. 6, 2022. However, Riyadh Municipality continues to be the major beneficiary from all currently active lease contracts related to this land.
Al-Murooj land lease portfolio includes 173 lease contracts as of June 30, 2024, of which 79 contracts for public benefit purposes expired on or before July 6, 2024, 91 contracts expired on October 3, 2024, and one contract expired on October 4, 2024. The two long-term contracts expire as follows:
– A lease contract with a tenant expiring on March 1, 2032, with an annual rent of SAR 3.6 million, related to a central community kitchen project serving productive families.
– A lease contract with a tenant expiring on September 17, 2030, with an annual rent of SAR 83,000, related to a bank ATM.
