Al Akaria in deal to build educational complex in Riyadh
RIYADH, April 29, 2024
Saudi Real Estate Company (Al Akaria) has signed a co-operation agreement with Riyadh Development Company and Riyadh Holding Company for the development of an educational complex on the designated plots located within the Tilal Al Riyadh Residential Community in the capital's Al Malqa district.
As per this deal, Al Akaria will partner with the duo to establish a special purpose company for the project development.
The educational complex will come up on the allocated plots located within the Tilal Al Riyadh Residential Community and cater to both boys and girls. It is being built at a total investment of
SAR275 million ($73.2 million), said Al Akaria in its filing to Saudi bourse Tadawul.
Riyadh Development Company, which has a 50% stake in the new venture, will be the project developer, while Saudi Real Estate Company and Riyadh Holding Company will each own a 25% stake.
The financial impact will be reflected at the start of the 2025 academic year in the fourth quarter of 2025, it added-TradeArabia News Service
