Riyadh – Mubasher: Saudi Real Estate Company (Al Akaria) has entered into an agreement to establish a special purpose company with Arriyadh Development Company and Riyadh Holding Company.
Under the agreement, the three companies will develop an educational complex for boys and girls with SAR 275 million in investments, according to a bourse filing.
The complex will be located within the Tilal Al Riyadh Residential Community, which is owned by the three companies.
Arriyadh Development has been appointed as the development manager for the project.
The contract was signed on 25 April 2024 for a duration of 25 years.
Earlier in April, Al Akaria inked SAR 881.72 million contracts for construction and excavation works.
It is worth highlighting that Al Akaria logged net profits of SAR 67.60 million in 2023, a drop from SAR 110.50 million in 2022.
In 2023, Arriyadh Development reported net profits of SAR 271.50 million, marking a 9.62% decrease from SAR 300.40 million compared to the previous year.
