Saudi-based Arbah Capital and Myriad sign education city fund JV

MANAMA: Arbah Capital has signed a joint venture with Dubai-based The Myriad to launch an education and innovation city fund set to be in the Saudi capital.

The fund’s objective and strategy would be to develop a fully-fledged community where reputed international universities, vocational training and professional studies providers, co-living accommodation, innovation incubator centres, food and retail would operate.

The first phase of the fund is targeting 1 billion Saudi Riyals which will be used to develop a portion of the overall city including the university incubator, professional studies centre and a portion of the housing and community services.

Several land options in key areas within Riyadh are currently being reviewed and assessed.

In addition to academic and professional studies campuses, The Myriad as the JV partner will be developing the living and lifestyle community which includes retail, restaurants and other amenities such as sports, recreation and co-working facilities, to serve members of the community which will be made up of students, innovators, academic staff and other employees.

The Myriad is a wholly-owned subsidiary of Strategic Housing Group (SHG), a specialist developer and operator of student housing, co-living and community facilities.

SHG is in a joint venture with Asset Living, the largest manager of student housing in the US, whereas The Myriad has developed and operates properties in the UAE and Oman.

Several American and British universities have shown serious interest in establishing campuses in Saudi Arabia.

The country has a growing young population with close to two million higher education students today, the majority of whom are studying in Riyadh, Jeddah, Dammam and Al Ahsa.

Looking ahead, Arbah Capital chief executive Mahmood Al Kooheji said: “We are always very sensitive to the needs of the time, and Arbah is aiming to launch other products soon which address the key concerns that we now face and build sustainability for the future. We are always seeking another income producing product in a very defensive sector, seeking to be one of the driving forces of Vision 2030. These products we believe are innovative and in defensive areas, which will provide investors with a degree of stability and comfort, at a time of such great volatility in other markets.”

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