Riyadh Development Company (ARDCO) Achieves Its First GIPS® Standards Verification, Conducted by TSG

Riyadh Development Company (ARDCO), establishes compliance with the GIPS® Standards for Asset Owners. Successfully Verified by TSG.

TSG (The Spaulding Group, Inc.), the leading global provider of GIPS^® verification and investment performance consulting services to asset owners, announced today that its client, Riyadh Development Company (ARDCO), has successfully completed its first independent verification under the Global Investment Performance Standards (GIPS^®) for Asset Owners.

ARDCO is a publicly listed real estate development and investment company headquartered in Riyadh, Saudi Arabia. Established in 1994 by royal decree, ARDCO was formed to lead the development, management, and operation of major public-benefit and service projects in partnership with the Saudi state.

As part of its broader governance and compliance initiatives, ARDCO completed its GIPS^® implementation and subsequently underwent an independent verification conducted by TSG. The verification covered a one-year period and was performed in accordance with the GIPS^® standards.

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Commenting on the milestone, Dr. Wael Jundi, Chief Investment Officer at ARDCO, said:
“Establishing GIPS compliance reflects our commitment to institutional excellence. This process involved enhancing our internal reporting and governance frameworks to align with globally recognized standards. Independent verification provides additional confidence in the consistency of our performance reporting.”

“We are very proud to have partnered with ARDCO on the successful completion of its first GIPS^® verification,” said Chris Spaulding, Chief Growth Officer at TSG. “ARDCO’s commitment to strong governance, transparency, and global best practices reflects the increasing importance of GIPS compliance among asset owners worldwide. We look forward to working with ARDCO for many years to come.”

The engagement further strengthens TSG’s growing presence in the Middle East and reinforces its position as the most trusted verification partner for asset owners, sovereign-linked entities, and institutional investors globally.

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