Knowledge Economic City Company announced, in a move to enhance its educational infrastructure, the signing of a strategic contract for the construction, mechanical, electrical, and plumbing (MEP) works of the Riyadh Schools Complex project, located within the city's campus in Madinah. The contract was signed with Astra Construction, a leading company in the contracting sector.
Contract details and schedule
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company clarified that the total value of the contract is SAR 32.48 million. The project's timeframe extends for seven months, during which the contractor is obligated to execute the work according to the agreed-upon precise engineering designs and specifications, and in compliance with the stringent standards of the relevant regulatory authorities.
Regarding the financial impact, Knowledge City indicated that Astra's dues will be paid in scheduled installments based on monthly progress reports that reflect the actual progress on site, which means distributing outgoing cash flows over the contract period, thus enhancing the company's liquidity management efficiency.
Strategic partnership with "Misk"
This project is the result of a previously signed agreement between Knowledge Economic City and Riyadh Schools Holding Company, the educational arm of the non-profit Mohammed bin Salman Foundation (MiSK). Under this partnership, Knowledge Economic City is responsible for the real estate and construction development of the educational complex and its facilities on its land, adhering to the highest technical specifications required by the Riyadh Schools Group to ensure a model learning environment.
For its part, Riyadh Schools Holding Company will assume full responsibility for the operation and management of the complex, to provide outstanding educational services for boys and girls, based on its long-standing experience and advanced curricula aimed at building a leading generation.
Urban development context and Vision 2030
This project is of particular importance given its location in Medina, the Knowledge Economic City, one of the major economic cities launched by the Kingdom to promote economic diversification and attract high-quality investments. The education sector is a cornerstone of the city's strategy to attract residents and talent, and the presence of prestigious educational institutions like Riyadh Schools contributes to raising the quality of life and providing world-class educational options for the city's residents and visitors.
The project is also in line with the goals of the Kingdom’s Vision 2030, which pays great attention to developing the educational system and strengthening partnerships between the private and non-profit sectors, thus contributing to driving sustainable urban development in the Madinah region.
