King Saud University has announced that its investment arm Riyadh Valley Company has signed a long-term lease agreement with Diriyah Company, the developer of Saudi Arabia's premier historical, cultural, and lifestyle destination, for a key project.

As per the deal, Diriyah Company will take on lease 552,000 sq m of land from King Saud University for 70 years, enabling the company to develop the area within Phase Two of the Diriyah Project (D2) in alignment with the master plan of its mega development - Diriyah Project.

The agreement aims to develop the area as part of the project’s master plan, maximise the university’s assets through a sustainable investment model, support the knowledge economy via a partnership between a national development entity and a university investment arm, and strengthen integration between the academic sector and major developmental projects, contributing to the achievement of Saudi Vision 2030 targets in urban and economic development.

It was signed by King Saud University Acting President and Riyadh Valley Company Chairman Dr Ali Masmali and Diriyah Company Group CEO Jerry Inzerillo in the presence of Minister of Education and King Saud University Board Chair Yousef Al Benyan.

Speaking on the occasion, Al Benyan said the agreement reflects the university’s strategic approach to maximising the impact of its assets, activating long-term, high-quality partnerships with major national projects, enhancing its financial sustainability, reinforcing its role as an active partner in national development, and aligning with the university’s future ambitions on its path toward global excellence.

Dr. Masmali said the agreement represents a qualitative leap in investment, ensures the university’s financial sustainability, maximizes its assets, and achieves ambitious developmental objectives for both parties.

This comes as part of King Saud University's backing to long-term developmental and investment partnerships, he added.

Inzerillo dubbed the agreement as a strategic step in the development of the mega Diriyah project. "It reflects the integration of efforts between development entities and academic institutions to enable sustainable urban projects with long-term economic and knowledge value," he added.-TradeArabia News Service