Al Akaria, ARDCO ink SAR 275M agreement to develop educational complexes

Saudi Real Estate Co. (Al Akaria) and Riyadh Development Co. (ARDCO) signed, on April 25, a cooperation agreement with Riyadh Holding Co. to set up a special purpose vehicle to develop educational complexes at the cost of SAR 275 million, including the land value, the two companies said in separate statements to Tadawul.

ARDCO will assume the role of the project developer.

The educational complexes will be developed for boys and girls on the allocated plots located in Tilal Al Riyadh residential community, jointly owned by Al Akaria (25%), ARDCO (50%), and Riyadh Holding (25%).

The agreement will extend for 25 years, with the lease contract starting as of the academic year 2025, the statement added.

The relevant financial impact will be reflected in the Q4 2025 financials. The details of the financial impact will be clear upon the project’s expected completion in Q3 2025.