Riyadh –  Thimar Development Holding Company has established a new company called Thimar Towers Development and Real Estate Investment Company

The newly created firm, a limited liability company of one person, is headquartered in Riyadh, according to a bourse disclosure.

Thimar pointed out that the fully-owned subsidiary will support its business strategy concerning real estate investment and development.

In 2023, the Tadawul-listed firm registered 120.94% year-on-year (YoY) higher net losses at SAR 6.53 million, compared to SAR 2.95 million.

The accumulated losses hit SAR -259.88 million as of 31 December 2023, which represented 103.95% of the company’s capital. This is higher than the SAR 233.82 million accumulated losses incurred at the end of September 2023.

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