Riyadh Development Company, or ARDCO, signed a 25-year framework agreement with Mohammed bin Salman Foundation, known as Misk Foundation, to develop educational facilities in Riyadh. 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 Capability Development Program, to keep pace with the economic renaissance that the capital city is witnessing.
The agreement was signed by Dr. Badr Al-Badr, CEO of Misk Foundation, and Jehad Alkadi, ARDCO’s CEO. 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-square-meter land owned by an ARDCO-led consortium in the Tilal Al-Riyadh community in Al-Malqa, Riyadh.
Alkadi said 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. He said the agreement also contributes to maximizing the total shareholder return by investing in financially sustainable projects and establishing long-term partnerships before beginning the development of these key projects.
“We look forward to capitalizing on the opportunities resulting from the growth we see in Riyadh and its accelerating economy. We are working to utilize this momentum and the 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 for the knowledge economy,” Alkadi added.
Meanwhile, Al-Badr said the partnership with ARDCO supports education through cutting-edge initiatives that create an intellectually stimulating educational environment and a meaningful learning journey. This, he said, would help to raise ambitious leaders of the next generation. He added: “Through this partnership, we look forward to contributing to the advancements in the Kingdom’s educational system 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 among the youth for the sake of a better future for Saudi Arabia.”
The estimated cost of the first project in this framework is SR275 million ($73.3 million), including land value owned by an ARDCO-led consortium. The project will be developed as per the framework agreement, which includes a binding lease agreement for a period of 25 years, subject to renewal.
Riyadh Development Company was established by Royal Decree No. (M/2) in 1994 as a joint-stock company, mandated with developing the Qasr Al-Hukm District in central Riyadh. ARDCO has since progressed to become a cornerstone of Riyadh’s real estate development and investment sector, through establishing, operating, and managing key projects in the public good services sector.