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Riyadh Development Company announces the signing of a framework agreement with Misk Foundation to develop educational facilities in Riyadh
| Element List | Explanation |
|---|---|
| Introduction | Riyadh Development Company announces the signing of a framework agreement with Mohammed bin Salman Foundation (Misk) to develop educational facilities under Build to Suit long-term contracts. The first of these developments will be an educational complex with a total development cost estimated at c. SAR 275 million, on plots owned by a consortium led by ARDCO in Tilal AlRiyadh community in AlMalqa, northern Riyadh. The signing of the agreement comes within the framework of ARDCO’s corporate strategy, which focuses on investing in growth, consolidating its position within real estate development sector, and enhancing the company’s contribution to achieving national goals. The company aims to achieve this through working to build an educational experience integrated with Vision 2030’s Human Capabilities Development Program to keep pace with the economic renaissance that the city is witnessing |
| Memorandum Signing Date | 2023-09-26 Corresponding to 1445-03-11 |
| Counterparty | Mohammed bin Salman Foundation (Misk) |
| Memorandum Subject | A framework agreement in which ARDCO takes the role as the main investor and developer of multiple educational facilities under Build to Suit long-term contract with Misk Foundation. |
| Memorandum Duration | 25 Years |
| Related Parties | None |
| Financial Impact | The financial impact of each educational facility will be announced separately after the approval of the financial structure and Riyadh Development Company’s share in each project. It should be noted that the value of the first project, which will be developed in Al-Malqa, Riyadh, is estimated at c. SAR 275 million, with an 8% net annual yield to investors. |
| Additional Information | ARDCO will act as the main investor and developer in building the educational facilities. The company’s share and financial impact will vary in each project, subject to the investment structure. Accordingly, ARDCO’s share and the financial impact of each project will be announced separately. |
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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