Arriyadh Development Co. Announces an update on Signing a partnership agreement with the aim of establishing a special purpose company between both the Saudi Real Estate Company and Riyadh Holding Company, for the purpose of developing educational complexes.

1. The first educational complex project (for boys) on the first plot of land with an area of 10,296 square meters with a built-up area of 14,500 square meters.

2. The second educational complex project (for girls) on the second plot of land with an area of 10,875 square meters with a built-up area of 20,500 square meters.

The total areas of the two educational complexes exceeding 21,000 square meters, with built-up area of 35,000 square meters, in a record period according to the approved schedule and within the budget allocated for the two projects.

The total cost of the two projects is about SAR 275 million, with Riyadh Development Company (ARDCO) owning 50% of both projects. The company established for this purpose has leased both complexes to the Riyadh Schools Group (under the umbrella of the Mohammed bin Salman Foundation - Misk), with a 25-year contract starting from 1/8/2025, with an annual rental value for the first five years of SAR 22 million, increasing by approximately 5% every five years. Riyadh Development Company's share will be reflected in the affiliate company’s net profit during the third quarter of 2025.