Logo ofKnowledge Economic City (KEC)
Knowledge Economic City (KEC) signed a contract on Jan. 21 for the execution of construction works and integrated mechanical, electrical, and plumbing (MEP) works for the Riyadh Schools Complex at Knowledge Economic City with ASTRA Construction Co., with a total value of SAR 32.5 million, excluding value-added tax (VAT). 
In a statement to Tadawul, the company said that, under the contract, the construction works and integrated MEP works for the buildings of the Riyadh Schools Complex at Knowledge Economic City will be executed and completed in accordance with the approved and mutually agreed designs and specifications.
The works will also be carried out in compliance with the requirements of the relevant authorities and within the contract period.
The company noted that the contract duration is seven months, and that the contractor’s dues will be paid in installments through monthly progress payments based on the work completed.
Accordingly, the financial impact—represented by cash outflows to settle the contractor’s dues—will be recognized over the duration of the project.
KEC added that the signing of this contract is part of the steps to implement the agreement signed between KEC and Riyadh Schools Holding Co., an affiliate of the Mohammed bin Salman Non-Profit Foundation (MiSK).
Under this agreement, KEC will develop the educational complex and its associated facilities on land it owns.
This includes the execution of construction works, as well as the provision of all equipment and requirements of modern educational complexes and their accompanying facilities.
The development will be carried out in accordance with the highest engineering and technical specifications set by the Riyadh Schools Group, in line with the group’s corporate identity and approved standards, and in compliance with the requirements of the relevant authorities.
Riyadh Schools Holding Co. will undertake the operation and management of the educational complex and provide educational services for boys and girls in accordance with the approved curricula and academic standards applied at Riyadh Schools.
This will leverage the group’s extensive experience in developing educational models and applying best modern educational practices.
The cooperation between the two parties aims to establish an integrated partnership model between an urban developer and a specialized educational operator.
This partnership is expected to enhance educational services within Knowledge Economic City, strengthen service integration for its residents, and support sustainable urban development in Madinah.
Logo ofKnowledge Economic City (KEC)
Knowledge Economic City (KEC) signed a contract on Jan. 21 for the execution of construction works and integrated mechanical, electrical, and plumbing (MEP) works for the Riyadh Schools Complex at Knowledge Economic City with ASTRA Construction Co., with a total value of SAR 32.5 million, excluding value-added tax (VAT).
In a statement to Tadawul, the company said that, under the contract, the construction works and integrated MEP works for the buildings of the Riyadh Schools Complex at Knowledge Economic City will be executed and completed in accordance with the approved and mutually agreed designs and specifications.
The works will also be carried out in compliance with the requirements of the relevant authorities and within the contract period.
The company noted that the contract duration is seven months, and that the contractor’s dues will be paid in installments through monthly progress payments based on the work completed.
Accordingly, the financial impact—represented by cash outflows to settle the contractor’s dues—will be recognized over the duration of the project.
KEC added that the signing of this contract is part of the steps to implement the agreement signed between KEC and Riyadh Schools Holding Co., an affiliate of the Mohammed bin Salman Non-Profit Foundation (MiSK).
Under this agreement, KEC will develop the educational complex and its associated facilities on land it owns.
This includes the execution of construction works, as well as the provision of all equipment and requirements of modern educational complexes and their accompanying facilities.
The development will be carried out in accordance with the highest engineering and technical specifications set by the Riyadh Schools Group, in line with the group’s corporate identity and approved standards, and in compliance with the requirements of the relevant authorities.
Riyadh Schools Holding Co. will undertake the operation and management of the educational complex and provide educational services for boys and girls in accordance with the approved curricula and academic standards applied at Riyadh Schools.
This will leverage the group’s extensive experience in developing educational models and applying best modern educational practices.
The cooperation between the two parties aims to establish an integrated partnership model between an urban developer and a specialized educational operator.
This partnership is expected to enhance educational services within Knowledge Economic City, strengthen service integration for its residents, and support sustainable urban development in Madinah.
