Riyadh: King Saud University, through its investment arm Riyadh Valley Company, has entered into a long-term lease agreement with Diriyah Company. The agreement was signed in the presence of Minister of Education and King Saud University board chair Yousef Al-Benyan as part of efforts to support long-term developmental and investment partnerships.
According to Saudi Press Agency, the agreement, signed by acting president and Riyadh Valley Company chairman Dr. Ali Masmali, involves Diriyah Company leasing 552,000 square meters of land from King Saud University for a duration of 70 years. This will allow the company to develop the area in alignment with the master plan of the Diriyah Project, particularly focusing on Phase Two (D2) of the project.
The intent of the agreement is to develop the area in accordance with the project’s master plan, enhance the university’s assets through a sustainable investment model, and bolster the knowledge economy by fostering a partnership between a national development entit
y and a university investment arm. It also aims to enhance integration between the academic sector and major developmental projects, contributing to Saudi Vision 2030 targets in urban and economic development.
Yousef Al-Benyan highlighted that the agreement is a reflection of the university’s strategic approach to maximizing the impact of its assets. It aims to activate long-term, high-quality partnerships with significant national projects, improve financial sustainability, and align the university’s future ambitions with its path toward global excellence.
Dr. Ali Masmali emphasized that the agreement marks a significant leap in investment. It ensures the university’s financial sustainability, optimizes its assets, and achieves ambitious developmental objectives for both parties involved.
Jerry Inzerillo, Diriyah Company Group chief executive, remarked that the agreement is a strategic step in the development of Diriyah. It exemplifies the integration of efforts between development entities and academic i
nstitutions to foster sustainable urban projects with long-term economic and knowledge value.
