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Riyadh Development Company announces the signing of a partnership agreement with the aim of establishing a special purpose company with both the Saudi Real Estate Company and Arriyadh Holding Company, for the purpose of developing educational complexes.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the company’s announcement dated on 26/09/2023 under the title of “Riyadh Development Company announces the signing of a framework agreement with Misk Foundation to develop educational facilities in Riyadh”, Riyadh Development Company signed a partnership agreement with the aim of establishing a special purpose company with both the Saudi Real Estate Company and Arriyadh Holding Company, for the purpose of developing educational complexes, on the designated plots located within the Riyadh Hills plan, which are jointly owned by the Riyadh Development Company, the Saudi Real Estate Company, and Arriyadh Holding Company. |
| Date of Announcement of the Award | 2024-04-27 Corresponding to 1445-10-18 |
| Contract Subject Matter | A partnership agreement with the aim of establishing a special purpose company to develop educational complexes (boys + girls) on designated plots located within the Riyadh Hills Plan, Al-Malqa District, which are jointly owned by the Riyadh Development Company (50%), the Saudi Real Estate Company (25%), and the Saudi Real Estate Company (25%) and Arriyadh Holding Company (25%). Riyadh Development Company will assume the role of developer of the project |
| The Entity with Which the Contract was Signed | Saudi Real Estate Company (Investor) Arriyadh Holding Company (Investor) |
| Date of Signing the Contract | 2024-04-27 Corresponding to 1445-10-18 |
| Contract Value | 275 Million Saudi Riyal (inclusive of land value) |
| Contract Details | Joint collaboration to develop educational complexes (boys + girls) on designated plots located within Tilal Al Riyadh Residential Community, Al-Malqa district. At an estimated cost of 275 Million Saudi Riyals, including the value of the land. Riyadh Development Company has been appointed as the development manager for the project. |
| Contract Duration | 25 Years |
| Financial Impact and the Relevant Period | A 25-year lease starting from the 2025 academic year, and the financial impact on the company is expected to be reflected in the fourth quarter of 2025. Details of the financial impact will be provided upon completion of the project, expected in the third quarter of 2025. |
| Related Parties | 1. Prince Faisal bin Abdulaziz bin Ayyaf, PhD, in his capacity as Chairman of the Board of Directors of Riyadh Development Company and Chairman of the Board of Directors of Arriyadh Holding Company. 2. Mr. Fahd bin Abdullah Al Kassim, in his capacity as a member of Executive Committee of the Riyadh Development Company and a member of the Board of Directors of Arriyadh Holding Company. 3. Mr. Abdullah bin Muhammad Al-Bahouth, representing the General Organization for Social Insurance, which has a representative on the Board of Directors of Arriyadh Holding Company. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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