Riyadh – Mubasher: Knowledge Economic City has signed a construction contract with Astra Construction valued at SAR 117.61 million, excluding value-added tax.
The agreement, signed on 12 July 2026, covers the execution of electromechanical, architectural, and external works for the Riyadh Schools complex located within the Knowledge Economic City development.
The project is scheduled for completion within a duration of 10 months, according to a bourse filing.
Under the terms of the contract, Astra Construction will deliver the works in accordance with approved designs and specifications that meet the requirements of relevant authorities.
The financial impact will be reflected through monthly progress payments based on completed tasks, resulting in cash outflows distributed over the duration of the contract.
This development is part of a broader agreement between Knowledge Economic City and Riyadh Schools Holding Company, a subsidiary of the Mohammed bin Salman Foundation (Misk).
While Knowledge Economic City is responsible for developing the educational complex and its facilities on its land, Riyadh Schools Holding Company will manage and operate the site to provide educational services for male and female students.
The Tadawul-listed group confirmed there are no related parties involved in this transaction.
The company recently penned a non-binding term sheet with Albilad Capital to appoint the latter as the manager for a private closed-ended real estate investment fund.
