Saudi Arabia: Diriyah to develop land for King Saud University
Diriyah Company has signed a
long-term land development agreement with King
Saud University (KSU), marking another milestone in the expansion of Saudi
Arabia’s flagship historical, cultural, and lifestyle destination. To date,
Diriyah has awarded more than $27 billion in construction contracts.
Under the agreement, King Saud
University’s investment arm, Riyadh Valley
Company, will lease 552,000 square metres of land to Diriyah Company for a
period of 70 years. The land will be developed as part of Phase Two of the
Diriyah Project (D2), in line with the project’s master plan.
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The partnership aims to integrate
the leased area into the wider Diriyah master plan, maximise the value of the
university’s assets through a sustainable investment model, and support the
knowledge economy by fostering collaboration between a national development
entity and a university investment arm. The agreement also seeks to strengthen
ties between the academic sector and major national development initiatives,
contributing to the goals of Saudi Vision 2030 in urban and economic
development.
The agreement was signed by King
Saud University Acting President and Chairman of Riyadh Valley Company, Dr Ali
Masmali, and Diriyah Company Group CEO Jerry Inzerillo, in the presence of
Minister of Education and Chairman of the King Saud University Board, Yousef Al
Benyan.
Commenting on the signing, Al Benyan
said the agreement reflects the university’s strategic approach to maximising
the impact of its assets through long-term, high-quality partnerships with
major national projects. He added that it enhances the university’s financial
sustainability, strengthens its role as an active contributor to national
development, and aligns with its ambitions for global excellence.
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projected to contribute $18.6bn to Saudi Arabia’s GDP
Dr Masmali described the agreement
as a qualitative leap in investment that will ensure the university’s long-term
financial sustainability, optimise asset utilisation, and deliver ambitious
development outcomes for both parties. He noted that the deal underscores King
Saud University’s commitment to long-term development and investment
partnerships.
Jerry Inzerillo said the agreement
represents a strategic step in advancing the Diriyah mega project, highlighting
the importance of collaboration between development entities and academic
institutions to deliver sustainable urban developments with lasting economic
and knowledge value.
Source: Zawya
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