Saudi Real Estate Company (Al Akaria) has signed a cooperation agreement with Riyadh Development Company and Riyadh Holding Company to establish a special-purpose vehicle to develop educational complexes in Riyadh at a cost of 275 million Saudi riyals ($73.38 million).

Riyadh Development has been appointed the development manager for the project, Al Akaria said in a statement to the Saudi stock exchange on Sunday.

The educational complexes will be developed for boys and girls on the allocated plots in Tilal Al Riyadh residential community in Al-Malqa district of Riyadh.

Al Akaria and Riyadh Holding each own 25 percent of the plots, while Riyadh Development holds the remaining 50 percent.

The project is expected to be completed in the fourth quarter of 2025, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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