Alandalus unit signs 2 deals to develop, lease Riyadh educational complex

Logo of Alandalus Property Co.

Alandalus Property Co. stated that its wholly owned subsidiary, Alandalus Litashid Almabani Aldirasia Co., signed an agreement with Ajyal Alyamama National Schools Co. to develop and lease a dual-curriculum educational complex in Al Naseem district, Riyadh.

Alandalus Litashid was established for this specific purpose, the company said in a statement to Tadawul, adding that Ajyal Alyamama is the project operator.

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 and lease it to the operator, in compliance with applicable regulations and supervisory requirements.

The educational complex can accommodate 2,000 students, and will have a built-up area of 16,000 sqm, with an estimated development cost of SAR 33.65 million.

In a separate statement, Alandalus said its subsidiary bought an 11,000-sqm plot designated for educational use in Al Naseem district for SAR 23.65 million, including real estate transaction tax and brokerage fees, from Nasser Al Majed.

The deal will be self-financed, along with bank facilities.

The educational complex will be developed in accordance with requirements of 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 a financial impact in Q3 2026.