KEC signs SAR 117.6M contract for Riyadh Schools complex

KEC will execute the electromechanical, architectural, and external works for the Riyadh Schools complex

Knowledge Economic City (KEC) signed on July 12 a SAR 117.6 million contract, excluding VAT, with Astra Construction Co. 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 dues will be paid in installments based on monthly progress certificates reflecting completed work. As a result, the financial impact, represented by cash outflows, will be distributed over the contract duration.

KEC said the contract forms part of the implementation of its previously signed agreement with Riyadh Schools Group (RSG), 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.