ARDCO gets first GIPS verification from TSG

By AI, Created 11:12 AM UTC, May 20, 2026, /AGP/ – Riyadh Development Company has completed its first independent verification under the GIPS Standards for Asset Owners, with TSG conducting the review. The milestone signals tighter governance and performance-reporting controls for the Saudi real estate developer and investor.

Why it matters: - ARDCO’s first GIPS verification gives the Saudi real estate company an independent check on the consistency of its performance reporting. - The verification can strengthen confidence among institutional investors, sovereign-linked entities, and other asset owners that rely on standardized reporting. - The move also underscores growing adoption of GIPS compliance among asset owners in the Middle East.

What happened: - TSG announced on April 29, 2026, that Riyadh Development Company (ARDCO) completed its first independent verification under the Global Investment Performance Standards for Asset Owners. - The review was conducted by TSG and covered a one-year period. - ARDCO is a publicly listed real estate development and investment company headquartered in Riyadh, Saudi Arabia. - ARDCO was established in 1994 by royal decree to lead major public-benefit and service projects in partnership with the Saudi state.

The details: - ARDCO completed its GIPS implementation before undergoing the independent verification. - The verification was performed in accordance with the GIPS standards. - Dr. Wael Jundi, ARDCO’s chief investment officer, said the compliance work required changes to internal reporting and governance frameworks to align with globally recognized standards. - Dr. Jundi also said independent verification adds confidence in the consistency of ARDCO’s performance reporting. - Chris Spaulding, TSG’s chief growth officer, said ARDCO’s commitment to governance, transparency and global best practices reflects the rising importance of GIPS compliance among asset owners worldwide. - Spaulding said TSG looks forward to continuing the relationship with ARDCO. - TSG said the engagement strengthens its presence in the Middle East. - TSG also said the relationship reinforces its position as a verification partner for asset owners, sovereign-linked entities and institutional investors globally.

Between the lines: - The verification is more than a procedural milestone. It signals ARDCO is tightening institutional-grade controls around how it measures and presents investment results. - For TSG, the deal adds another reference point in a region where asset owners are placing more emphasis on formal governance and performance standards.

What’s next: - ARDCO is likely to use the verification as part of its broader governance and compliance program. - TSG said it expects to continue working with ARDCO going forward. - More information is available on TSG’s website and on TSG’s LinkedIn page.