Logo of Alandalus Property Co.
Alandalus Property Co.’s wholly owned subsidiary, Alandalus Litashid Almabani Aldirasia Co., established specifically for this purpose, has signed an agreement with Ajyal Alyamama National Schools Co., the project operator, to develop and lease a dual-curriculum educational complex in Al Naseem district, Riyadh. 
According to a Tadawul filing, the net lease value over the 25-year contract term, which begins upon the operator’s final acceptance of the educational complex, amounts to SAR 156.88 million, excluding VAT.
The agreement includes the acquisition of an 11,000-square-meter plot in Al Naseem district selected by Ajyal Alyamama, which specializes in delivering international curricula for boys and girls across all educational stages. Through its subsidiary, Alandalus will develop and construct the educational complex before leasing it to the operator upon completion and handover, in compliance with applicable regulations and supervisory requirements.
The educational complex will accommodate 2,000 students, with a built-up area of 16,000 square meters and an estimated development cost of SAR 33.65 million.
In a separate statement, the company said its subsidiary has acquired the 11,000-square-meter plot designated for educational use in Al Naseem district for SAR 23.65 million, including real estate transaction tax and brokerage fees.
The seller is Nasser Al Majed, while the acquisition will be financed through the company’s internal resources and bank facilities.
Alandalus said the educational complex will be developed in accordance with the requirements of the Riyadh Municipality and other relevant authorities as part of its expansion plans to increase revenue and create value for shareholders.
Alandalus added that the project supports the strategy announced earlier this year to grow its business, diversify its investment portfolio, ensure business sustainability, and expand in the educational facilities sector.
The company expects the transaction to have a financial impact on its financial statements in Q3 2026 and said it will announce any material developments in due course.
Logo of Alandalus Property Co.
Alandalus Property Co.’s wholly owned subsidiary, Alandalus Litashid Almabani Aldirasia Co., established specifically for this purpose, has signed an agreement with Ajyal Alyamama National Schools Co., the project operator, to develop and lease a dual-curriculum educational complex in Al Naseem district, Riyadh.
According to a Tadawul filing, the net lease value over the 25-year contract term, which begins upon the operator’s final acceptance of the educational complex, amounts to SAR 156.88 million, excluding VAT.
The agreement includes the acquisition of an 11,000-square-meter plot in Al Naseem district selected by Ajyal Alyamama, which specializes in delivering international curricula for boys and girls across all educational stages. Through its subsidiary, Alandalus will develop and construct the educational complex before leasing it to the operator upon completion and handover, in compliance with applicable regulations and supervisory requirements.
The educational complex will accommodate 2,000 students, with a built-up area of 16,000 square meters and an estimated development cost of SAR 33.65 million.
In a separate statement, the company said its subsidiary has acquired the 11,000-square-meter plot designated for educational use in Al Naseem district for SAR 23.65 million, including real estate transaction tax and brokerage fees.
The seller is Nasser Al Majed, while the acquisition will be financed through the company’s internal resources and bank facilities.
Alandalus said the educational complex will be developed in accordance with the requirements of the Riyadh Municipality and other relevant authorities as part of its expansion plans to increase revenue and create value for shareholders.
Alandalus added that the project supports the strategy announced earlier this year to grow its business, diversify its investment portfolio, ensure business sustainability, and expand in the educational facilities sector.
The company expects the transaction to have a financial impact on its financial statements in Q3 2026 and said it will announce any material developments in due course.
