| Element List | Explanation |
|---|---|
| Introduction | As part of the implementation of the Company's strategy announced for the period 2026–2030, which aims to diversify its investment portfolio and expand into the educational facilities sector, Alandalus Property Co. announces the signing one of its subsidiary, Alandalus Litashid Almabani Aldirasia Company -wholly owned By Alandalus Property Co. Which was established for this purpose - a contract with Madaras Ajeal Alyamama Company - the operating party - for the purpose of developing and leasing a dual curriculum educational complex in Al Naseem District, Riyadh City. This step comes as part of the execution of the Company’s strategy which was announced at the beginning of this year and aims of its objectives to grow its business, diversify its investment portfolio, and ensure business sustainability, thereby contributing to achieve of added value for its shareholders. |
| Date of Announcement of the Award | 2026-07-02 Corresponding to 1448-01-17 |
| Contract Subject Matter | Educational Complex Development and Lease Contract. |
| The Entity with Which the Contract was Signed | Madaras Ajeal Alyamama Company. |
| Date of Signing the Contract | 2026-07-02 Corresponding to 1448-01-17 |
| Contract Value | The total net rental value for the 25 year lease term in the contract is SAR 156,881,280 (excluding VAT). |
| Contract Details | The agreement includes the purchase of land in Al Naseem District, Riyadh City (11,000) square meter which was identified by the operating party, (Ajeal Alyamama Company) specializes in delivering international curricula for both male and female students across all educational levels. Through its subsidiary, Alandalus Litashid Almabani Aldirasia Company, wholly owned By Alandalus Property Co. will develop and construct an educational complex on the land. Upon completion of the construction and handover of the facility, the educational complex will be leased to Ajeal Alyamama Company, as the operating party, under a 25-year lease agreement, in according with all applicable laws, regulations, and the requirements of the relevant supervisory authorities. The educational complex mention that can accommodate 2,000 male and female students with a building area of (16,000) square meters and an estimated development cost of 33,650,000 Saudi riyals. |
| Contract Duration | 25 Gregorian years commencing from the date on which the operator takes final handover of the educational complex. |
| Financial Impact and the Relevant Period | The financial impact is expected to reflect positively on the company’s financial statements starting from the third quarter of 2027. |
| Related Parties | Not Apply |
| Additional Information | Any other material developments regarding the contract and project execution will be disclosed in a timely manner. |
Alandalus Property Co. announces the signing by one of its subsidiary, Alandalus Litashid Almabani Aldirasia Company contract with Madaras Ajeal Alyamama Company for the purpose of development and leasing a dual-curriculum educational complex in Al Naseem District, Riyadh City
AI Summary
- Alandalus Property Co. signed a contract with Madaras Ajeal Alyamama Company to develop and lease a 2,000-student dual-curriculum educational complex in Riyadh’s Al Naseem District.
- The 25-year lease agreement has a total net rental value of SAR 156,881,280 (excluding VAT), with an estimated development cost of SAR 33,650,000.
- The project includes the purchase of 11,000 square meters of land and the construction of a 16,000-square-meter facility for students across all educational levels.
- Financial impact is expected to reflect positively on the company’s financial statements starting from the third quarter of 2027.
