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Saudi Real Estate Co. (“Al-Akaria”) Announces the signing of a cooperation agreement and the establishment of a special purpose company with both the Riyadh Development Company and Riyadh Holding Company, aiming to develop educational complex on the designated plots located within the Tilal Al Riyadh Residential Community in Al-Malqa district
| Element List | Explanation |
|---|---|
| Introduction | Saudi Real Estate Co. (“Al-Akaria”) (The Company) Announces a cooperation agreement and the establishment of a special purpose company with both the Riyadh Development Company and Riyadh Holding Company, It aims to develop educational complex for boys and girls on the allocated plots located within the Tilal Al Riyadh Residential Community, jointly owned by the Saudi Real Estate Company (25%), Riyadh Development Company (50%), and Riyadh Holding Company (25%). Riyadh Development Company will assume the role of developer of the project. |
| Date of Announcement of the Award | 2024-04-25 Corresponding to 1445-10-16 |
| Contract Subject Matter | To develop educational complex for boys and girls on the allocated plots located within the Tilal Al Riyadh masterplan in Al-Malqa district |
| The Entity with Which the Contract was Signed | Riyadh Development Company and Riyadh Holding Company |
| Date of Signing the Contract | 2024-04-25 Corresponding to 1445-10-16 |
| Contract Value | SAR 275 million (Including the land cost) |
| Contract Details | A cooperation agreement to develop educational complex for boys and girls on the allocated plots located within the Tilal Al Riyadh Residential Community in Al-Malqa district. Riyadh Development Company has been appointed as the development manager for the project. |
| Contract Duration | 25 years |
| Financial Impact and the Relevant Period | The financial impact will be reflected at the start of the 2025 academic year in the fourth quarter of 2025 |
| Related Parties | Mr. Ibrahim bin Mohammed Al Alwan, in his capacity as a CEO and member of the Board of Directors of the Saudi Real Estate Company and a member of the Board of Directors of Riyadh 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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