Riyadh Development Company said the development management agreement for a 2.1 billion Saudi riyal ($559.94 million) real estate investment fund managed by ANB Capital has been terminated with mutual consent.

The move is part of its refined strategic priorities, the developer said in a statement to the Saudi stock exchange without giving details/

The termination will have no financial impact on its financial statements and does not result in any financial obligations.

In October 2024, Riyadh Development was appointed as the developer for a real estate investment fund that had acquired 1.8 million square meters of land east of Riyadh to develop commercial, office and residential projects.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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