Alkhaleej Training inks MoU for Jeddah educational complex

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. signed, on Dec. 1, a non-binding memorandum of understanding (MoU) with Koushan Real Estate Development Co. to operate an educational complex in Jeddah.

In a statement to Tadawul, the company said that the MoU is to assign the operation of the educational complex owned by Koushan Real Estate for the next year to Alkhaleej Training.

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The MoU is valid for one year, and could be renewed upon both-party agreement, the statement added, indicating that the financial impact of the deal cannot be determined at present.

Koushan Real Estate is a subsidiary of Dr. Zuhair Fayez Group, which has over 50 years of experience in design and real estate development in the Kingdom. Koushan Real Estate fully owns the educational complex, which spans approximately 50,000 square meters (sq m) and has a construction area of around 52,000 (sq m). It accommodates nearly 2,000 students and is located in the Al-Mohamadiyah district of Jeddah, the Saudi-listed firm noted.

It also pointed out that there are no related parties in this deal and any updates will be timely disclosed.