Riyadh - Mubasher: Knowledge Economic City Company inked a SAR 399.32 million development and leasing agreement with Riyadh Schools Holding Company, a subsidiary of Mohammed bin Salman's non-profit foundation (MiSK Foundation).
The partnership aims to establish an educational complex in the Knowledge Economic City, Madinah, according to a bourse filing.
The total contract value will be paid in annual installments starting at SAR 13.70 million in the first year, increasing progressively over the duration of the 25-year period.
Spanning 20,000 square meters, the educational complex will be established to accommodate around 1,800 male and female students. It will feature internationally accredited curricula, advanced methodologies, and premium facilities.
The lease terms, specifications, and quality benchmarks were mutually agreed upon by the two parties to ensure a seamless and effective long-term collaboration.
Upon operating, the educational complex is expected to boost revenue generation from the underlying asset and positively affect the company’s performance.
The inclusion of Riyadh Schools Group within the Al Alya project adds significant value to Knowledge Economic City.
Riyadh Schools will enhance the integration of educational services within the broader Knowledge Economic City's urban development.
This strategic partnership supports the listed group's objective of offering diverse, high-quality services, anchoring its position as a premier destination amid strong demand for its residential sector projects.
Likewise, the initiative backs Riyadh Schools Group’s expansion strategy and reinforces its presence in Madinah.
In the first quarter (Q1) of 2025, Knowledge Economic City suffered 27.07% higher net losses at SAR 17.26 million, compared to SAR 13.58 million in the same period a year earlier.
