Raya Al-Tajdeed Wins SAR 100M Riyadh Schools Deal

A construction contractor partly owned by Saudi Arabian Refineries Company (SARCO) has secured an estimated SAR 100 million contract to build education projects in Riyadh,

The contractor, Raya Al-Tajdeed Contracting Company — in which SARCO holds a 35% stake — signed the agreement with Multinational Education Company. The deal covers the execution of construction and finishing works for education projects owned by the client in the city of Riyadh.

The contract was awarded on 19 August 2026 (1448-03-06 Hijri) and carries a duration of 24 months from the date of signing. Its value of SAR 100 million is described as an estimated figure rather than a fixed, itemized price. Its impact on SARCO's financial results is expected to begin in the fourth quarter of 2026.

The agreement is classified as involving related parties, since SARCO's Managing Director holds roles within the group that owns both Multinational Education Company and the 35% stake in Raya Al-Tajdeed.

For residents and families in the capital, the project reflects continued investment in educational infrastructure across Riyadh. No official information has been published specifying per-square-meter construction prices, unit rates, or detailed fee breakdowns beyond the total estimated value. No contract-specific procedural changes have been reported for government platforms in connection with this deal.

---

Stay updated with the latest news, events, sports updates, business insights, real estate and lifestyle stories on Saudi Living — the leading online platform for residents, expats, and visitors in Saudi Arabia.

Follow Saudi Living for daily updates:

• Instagram - @saudiliving
• X - @saudiliving
• Facebook - @saudiliving
• YouTube - @saudiliving