Saudi ARDCO, Misk to develop educational facilities in Riyadh

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Riyadh – Riyadh Development Company (ARDCO) recently signed a 25-year framework agreement with Mohammed bin Salman Foundation (Misk) to carry out educational facilities in Riyadh, starting with a 22,000 square metres site in Tilal AlRiyadh.

The first project is expected to cost SAR 275 million, including the value of the land owned by a consortium led by ARDCO. The total development will be executed under a 25-year binding lease agreement which can be renewed, according to a press release.

It is worth noting that this is the first partnership between the two companies.

CEO of ARDCO, Jehad Alkadi, said: “We are working to utilise this momentum and the [Riyadh] 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.”

From his side, the CEO of Misk, Badr Al Badr, said: “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.”

ARDCO has built and currently operates major service projects which are leased to more than 2,000 tenants and serving over 20 million people.