Riyadh Development signs 25-year agreement with Misk to develop educational facilities in Riyadh
Logo of Riyadh Development Company (ARDCO)
Riyadh Development Company (ARDCO) signs a 25-year framework agreement with Mohammed bin Salman Foundation (Misk) to develop educational facilities in Riyadh, with its first development in Tilal AlRiyadh lands owned by a consortium led by ARDCO.
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.
The agreement was signed by Dr. Badr Al Badr, CEO of Misk Foundation, and Mr. Jehad Alkadi, ARDCO’s CEO. This framework agreement constitutes the first partnership and project development between the two entities, in which the first of its developments will be an educational facility located on a 22,000 sqm land owned by an ARDCO-led consortium in the Tilal AlRiyadh community in AlMalqa, Riyadh.
On this occasion, Mr. Jehad Alkadi, CEO of Riyadh Development company stated that the signing of the agreement with Misk Foundation comes within the framework of the company’s strategic direction to strike partnerships focused on distinctive real estate development projects. This also contributes to maximizing the total shareholder return by investing in financially sustainable projects of growth and establishing long-term partnerships before beginning the development of these key projects.
Alkadi added, “We look forward to capitalizing on the opportunities resulting from the growth we see in Riyadh and its accelerating economy. We are working to utilize this momentum and the city’s ambition to attract business, stimulate population growth, and improve quality of life by providing a highly distinguished educational and family environment and catalyzing investment in the sector, creating added value to the knowledge economy.”
Accordingly, Dr. Badr Al-Badr, CEO of Misk Foundation, stressed the importance of the partnership with ARDCO to support education through cutting edge initiatives that create a meaningful learning journey through an intellectually stimulating educational environment that applies the best educational practices, with the aim to raise the ambitious leaders of the next generation. He added, “Through this partnership, we look forward to contributing to the advancements in the educational system in the Kingdom of Saudi Arabia
by providing an empowering environment for innovation and growth, as well as providing high quality educational content for its students. This is in line with the current focus we see to encourage learning and develop leadership skills amongst the youth for the sake of a better future for the Kingdom of Saudi Arabia.”
The estimated cost of the first project in this framework is SAR 275 million, including land value owned by a consortium led by ARDCO. The project will be developed as per the framework agreement, which includes a binding lease agreement for a period of 25 years, subject to renewal.
Riyadh Development Company was established by Royal Decree No. (M/2) in 1994 as a joint-stock company, mandated with developing the Qasr AlHukm district in central Riyadh. ARDCO has since progressed to become a cornerstone of Riyadh’s real estate development and investment sector, through establishing, operating, and managing key projects in the public good services sector. ARDCO has built and currently manages several key service projects, operated by more than 150 highly qualified Saudis, leased to over 2,000 tenants, and serving more than 20 million people.
