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 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).
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.-TradeArabia News Service
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