KEC signs SAR 32.5M contract for Riyadh schools complex

KEC signed a contract with Astra Construction to execute construction and MEP works for the Riyadh Schools Complex

Knowledge Economic City (KEC) signed on Jan. 21 a SAR 32.5 million contract, excluding value-added tax, with Astra Construction Co. to execute construction and integrated mechanical, electrical, and plumbing (MEP) works for the Riyadh Schools Complex at Knowledge Economic City.

In a statement to Tadawul, KEC said the contractor will carry out the works in line with approved designs and specifications, while complying with the requirements of relevant authorities. The project is scheduled for completion within seven months.

Payments to the contractor will be made through monthly progress payments based on completed work, with the financial impact reflected as cash outflows over the project’s duration, the company added.

KEC said the contract forms part of an agreement it signed with Riyadh Schools Group, an affiliate of the Mohammed bin Salman Foundation (Misk), under which KEC will develop the educational complex and related facilities on land it owns.

The scope of development includes construction works and the provision of equipment and requirements for modern educational facilities, in accordance with the technical and engineering standards set by Riyadh Schools Group and the relevant authorities.

Riyadh Schools Group will operate and manage the complex and provide educational services for boys and girls based on approved curricula and academic standards.

KEC said the partnership aims to create an integrated model between an urban developer and a specialized education operator, enhancing educational services within Knowledge Economic City and supporting sustainable urban development in Madinah.