11 August 2015
Al Khaleej Training and Education Company recently announced that it has entered into an agreement with Manafea Holding Company to build and lease educational facilities.

The agreement was signed on July 9, 2015 to build 8 to 10 international kindergartens that will be located in Riyadh, Jeddah and the Eastern Province. Manafea will finance the project with SAR 250 million. The kindergartens will be built by real estate developers and contractors under the supervision of Al Khaleej Training and Education Company, Manafea Holding Company and Wasatah Capital.

Eng. Alwaleed Aldryaan, Chief Executive Officer of Al Khaleej, commented, "This real estate transaction comes as part of the company strategic plans to expand its educational projects, thus continuing to create value for all shareholders."

Mr. Mohamed Bin Dawood, Chief Executive Officer of Manafea, commented, "This innovative structure successfully delivers current and long-term value for both Al Khaleej and Manafea."

Mr. Abdullah Al Rasheed, Chief Executive Officer of Wasatah Capital, commented, "We executed this unique transaction to serve our client's strategic and financial priorities to achieve their goals and to provide them with unconventional financing."

Al Khaleej expects to open the kindergartens within two years of acquiring the required land, and the capacity of the kindergartens is expected to be around 4,000 students.

-Ends-

© Press Release 2015