| Element List | Explanation |
|---|---|
| Announcement Detail | As part of developing the knowledge cluster in the Knowledge Economic City (“the Company”), the Company has signed an agreement on 22 April 2021 with the (MOBCO) Group to develop the international schools within the Knowledge Economic City on the land plot of 20,000 square meters allocated for this investment through a long-term lease for a period of (25 years, renewable for an additional 25 years) within the area designated for the knowledge cluster. Lease fee is based on receiving a percentage of the total income generated from all licensed activities for the investor. Thus, the financial impact will be determined by the first school year end. No related party among agreement parties. |
According to the agreement, the (MOBCO) Group, through its subsidiary, Knowledge Tree Company, will develop a complex of modern schools for boys and girls from kindergarten to grade 12 with international curricula accredited by British (Cambridge), American (SAT) and International Baccalaureate (IB) according to the highest international and local standards and practices for a number of 1,700 students. MOBCO’s target for schools operation for classes from kindergarten to third grade from September 2022 under the name "Elite International Schools - Elite".
It is worth noting that the MOBCO Group, through its subsidiary, Knowledge Tree, specializes in the field of establishing and operating international schools with success record confirmed through obtaining a number of international awards due to educational excellence and its commitment to provide international educational standards.
As part of company objectives to attract schools with an outstanding record of success to fill the need for the international school seats in Madinah, the company provided a number of incentives to the investors to help them provide distinguished academic and related services that help in the educational career development of Madinah community sons and girls in academic field and accompanying activities.
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