In a move reflecting the strategic restructuring of major projects, the Multi-Business Group announced an important development regarding the contract for the design and implementation of the Riyadh wholesale fruit and vegetable market development project, which was previously signed with Riyadh Development Company.
In an official statement published on the Saudi Stock Exchange (Tadawul), the group clarified that a notice of assignment of the contract had been signed by Riyadh Real Estate Development Company, transferring all rights and obligations under the contract to Fresh Produce Supply Chain Solutions, a wholly owned subsidiary of Riyadh Real Estate Development Company. Multi-Business confirmed that this transfer will not affect its contractual rights and that it will continue to enjoy all the benefits stipulated in the original contract without any alteration.
Project background and strategic importance
This project comes within the framework of broader efforts to modernize vital infrastructure in the Saudi capital, in line with the goals of the Kingdom’s Vision 2030. The central wholesale market for fruits and vegetables in Riyadh is a vital artery for the city’s food security, serving millions of residents and a wide range of retailers and restaurants. With rapid urban expansion and population growth, the need has arisen to develop the existing market to increase its operational efficiency and improve food quality and safety standards.
Expected impact on the local economy and supply chains
Upon completion, the project is expected to revolutionize the logistics and wholesale sectors in Riyadh. The development aims to create a world-class, state-of-the-art market featuring advanced refrigerated areas, smart logistics management systems, and modern facilities for both traders and consumers. These improvements will contribute to reducing food waste, ensuring the delivery of fresh, higher-quality produce to the market, and enhancing price transparency. Domestically, the project will solidify Riyadh's position as a leading regional logistics hub and provide a better working environment for traders and farmers, thus supporting the sustainability of the local agricultural sector.
The decision to assign the project to a company specializing in fresh produce supply chains reflects a trend towards precise specialization in managing major projects, which ensures the concentration of expertise and the achievement of the highest levels of efficiency in implementation and operation, which ultimately serves the interests of the national economy and the end consumer.
