KEC signs deal to build Elite International Schools

Logo of Knowledge Economic City

Knowledge Economic City (KEC) signed, on April 22, 2021, an agreement with MOBCO Group to develop Elite International Schools in the Knowledge Economic City, the company said in a bourse statement.

A land plot of a total area of 20,000 square meters will allocated for this project through a long-term lease agreement (for a period of 25 years, renewable for an additional 25 years) within the area designated for the knowledge cluster.

KEC will receive a percentage of the total income generated from all licensed activities of the tenant.

The financial impact will be determined after the commencement of operations in the schools and the end of the first academic year, KEC affirmed, noting that there are no related parties to the agreement.

Under the agreement, MOBCO, through its subsidiary, Knowledge Tree Co., will develop a complex of modern schools for boys and girls from kindergarten to grade 12 in line with the international curricula accredited by British (Cambridge), American (SAT) and International Baccalaureate (IB) according to the highest international and local standards and practices for a number of 1,700 students.

The schools are scheduled to begin operations for classes from kindergarten to third grade in September 2022 under the name "Elite International Schools - Elite".

MOBCO, through its subsidiary, Knowledge Tree Co., specializes in the field of establishing and operating international schools with a confirmed track record.