KEC will execute the electromechanical, architectural, and external works for the Riyadh Schools complex
Knowledge Economic City (KEC) signed a SAR 117.6 million contract, excluding VAT, with Astra Construction Co. on July 12 to execute the electromechanical, architectural, and external works for the Riyadh Schools complex at KEC. 
In a statement to Tadawul, the company said the project will be carried out in accordance with the approved designs and specifications agreed by both parties and in compliance with the requirements of the relevant authorities over 10 months.
The contractor will be paid in installments based on monthly progress certificates reflecting completed work. As a result, cash outflows related to the contractor’s payments will be distributed over the project’s construction period.
KEC said the contract forms part of the implementation of its previously signed agreement with Riyadh Schools Group (RSG), formerly Riyadh Schools Holding Co., a subsidiary of the Mohammed bin Salman Foundation (Misk).
Under the agreement, KEC will develop the educational complex and its associated facilities on its land, including construction works, fit-outs, and all requirements for modern educational campuses in line with Riyadh Schools’ engineering, technical, and institutional standards, while complying with the requirements of the relevant authorities.
RSG will operate and manage the educational complex and provide educational services for boys and girls in accordance with the approved curriculum and academic standards applied at Riyadh Schools.
The company added that there are no related parties involved.
KEC will execute the electromechanical, architectural, and external works for the Riyadh Schools complex
Knowledge Economic City (KEC) signed a SAR 117.6 million contract, excluding VAT, with Astra Construction Co. on July 12 to execute the electromechanical, architectural, and external works for the Riyadh Schools complex at KEC.
In a statement to Tadawul, the company said the project will be carried out in accordance with the approved designs and specifications agreed by both parties and in compliance with the requirements of the relevant authorities over 10 months.
The contractor will be paid in installments based on monthly progress certificates reflecting completed work. As a result, cash outflows related to the contractor’s payments will be distributed over the project’s construction period.
KEC said the contract forms part of the implementation of its previously signed agreement with Riyadh Schools Group (RSG), formerly Riyadh Schools Holding Co., a subsidiary of the Mohammed bin Salman Foundation (Misk).
Under the agreement, KEC will develop the educational complex and its associated facilities on its land, including construction works, fit-outs, and all requirements for modern educational campuses in line with Riyadh Schools’ engineering, technical, and institutional standards, while complying with the requirements of the relevant authorities.
RSG will operate and manage the educational complex and provide educational services for boys and girls in accordance with the approved curriculum and academic standards applied at Riyadh Schools.
The company added that there are no related parties involved.
