Al-Khaleej Training and Manafea Holding ink deal

Al-Khaleej Training and Education Company recently announced that it has entered into an agreement with Manafea Holding Company to build and lease educational facilities.
The agreement was signed on July 9, 2015 to build 8 to 10 international kindergartens that will be located in Riyadh, Jeddah and the Eastern Province.
Manafea will finance the project with SR250 million. The kindergartens will be built by real estate developers and contractors under the supervision of Al-Khaleej Training and Education Company, Manafea Holding Company and Wasatah Capital.
Alwaleed Aldryaan, CEO of Al-Khaleej, commented: “This real estate transaction comes as part of the company’s strategic plans to expand its educational projects, thus continuing to create value for all shareholders."
Mohamed Bin Dawood, CEO of Manafea, said: “This innovative structure successfully delivers current and long-term value for both Al Khaleej and Manafea.”
Abdullah Al-Rasheed, CEO of Wasatah Capital, said: “We executed this unique transaction to serve our client's strategic and financial priorities to achieve their goals and to provide them with unconventional financing.”
Al-Khaleej expects to open the kindergartens within two years of acquiring the required land, and their capacity is expected to be around 4,000 students.