Riyadh Development Company (ARDCO) has signed a 25-year framework agreement with the Mohammed bin Salman Foundation (Misk) to develop educational facilities in Riyadh, with its first development in Tilal AlRiyadh lands owned by a consortium led by ARDCO.
The signing of the agreement comes within the framework of ARDCO’s corporate strategy, which focuses on investing in growth, consolidating its position within the real estate development sector, and enhancing the company’s contribution to achieving national goals.
The company aims to achieve this by working to build an educational experience integrated with Vision 2030’s Human Capabilities Development Program to keep pace with the economic renaissance that the city is witnessing.
This framework agreement constitutes the first partnership and project development between the two entities, in which the first of its developments will be an educational facility located on a 22,000 sqm land owned by an ARDCO-led consortium in the Tilal AlRiyadh community in AlMalqa, Riyadh.
On this occasion, Mr. Jehad Alkadi, CEO of Riyadh Development Company stated that the signing of the agreement with Misk Foundation comes within the framework of the company’s strategic direction to strike partnerships focused on distinctive real estate development projects. This also contributes to maximizing the total shareholder return by investing in financially sustainable projects of growth and establishing long-term partnerships before beginning the development of these key projects.
Dr. Badr Al-Badr, CEO of Misk Foundation, stressed the importance of the partnership with ARDCO to support education through cutting-edge initiatives that create a meaningful learning journey through an intellectually stimulating educational environment that applies the best educational practices, to raise the ambitious leaders of the next generation.
“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. This is in line with the current focus we see to encourage learning and develop leadership skills amongst the youth for the sake of a better future for the Kingdom of Saudi Arabia,” Mr. Al-Badr added.