Riyadh – Mubasher: Alandalus Building Construction Company, a subsidiary of Alandalus Property Company, signed a contract on 2 July with Ajyal Al Yamamah Private Schools to develop and lease an educational complex in Riyadh.
The agreement, valued at a total net rental price of SAR 156.88 million, spans a duration of 25 years, according to a bourse statement.
Located in the Al Naseem district, the project involves the purchase of an 11,000 square meter plot of land.
Alandalus Building Construction Company will develop the complex with an estimated construction area of 16,000 square meters and an estimated development cost of SAR 33.65 million.
Once completed, the facility will accommodate 2,000 students and offer international curricula for all educational levels.
The 25-year lease term will commence upon the final handover of the building to the operator. This project aligns with the company’s 2026-2030 strategy to diversify its investment portfolio and expand into the educational facilities sector.
Alandalus Property expects the financial impact of this agreement to appear positively on its financial statements starting from the third quarter (Q1) of 2027.
On 4 July, the unit acquired a plot of land in the Al Naseem district of Riyadh for SAR 23.65 million.
