Riyadh Development Adopts GIPS Standards for Performance Reporting

Riyadh Development Co. (ARDCO) said it has adopted the Global Investment Performance Standards (GIPS) for Asset Owners, a framework issued by the CFA Institute. The move standardizes how the company reports investment performance to investors and regulators, ARDCO said in a statement.

The adoption covers ARDCO's full portfolio. The company did not disclose a timeline for its first GIPS-compliant report or name the third-party verifier it plans to use. ARDCO is the first Saudi asset owner to adopt the standards, according to the statement.

GIPS compliance is voluntary. Asset owners that adopt the standards commit to presenting performance data in a format that allows direct comparison across firms and jurisdictions. The CFA Institute maintains the standards and requires firms to verify compliance through an independent third party.

ARDCO did not say when it expects to publish its first verified report.