Riyadh Development Company has announced that it has successfully completed the transfer of the Al Taamir Commercial Wholesale Centre to Deera Development and Real Estate Investment Company as part of plans to develop the Al Deera neighbourhood markets.

The transfer forms part of an initiative agreed with Riyadh Holding Company to establish a unified entity for the development of the Al-Deera area, said Riyadh Development Company in its filing to Saudi bourse Tadawul.

Riyadh Development Company holds a 46.34% stake in the new entity through an in-kind contribution of the wholesale centre, previously valued at SAR675 million ($180 million).

The asset transfer has been completed with no financial impact resulting from the procedure, it added.