Ajyad Knowledge Company for Education and Training and Al Bawani Company Limited, in its capacity as the Sponsors, and Tatweer Buildings Company (TBC), in its capacity as joint Procurer along with the Ministry of Education (MOE), Saudi Arabia announced the financial close for the first wave (Wave1) of the Schools Infrastructure Development Programme to be built under Public Private Partnership (PPP).
The private sector through Wave1 Project Company will finance, design, build, maintain, and transfer back to the government 60 schools in Jeddah and Makkah.
The Annual Equivalent Payment for the transaction is approximately SAR 86 million.
The senior debt and equity bridge loan facilities to the project were provided by Saudi British Bank, Banque Saudi Fransi, Alinma Bank and Riyad Bank.
The engineering, procurement and construction contract to build the 60 schools in Jeddah & Makkah has been awarded to Al Bawani Company Limited in partnership with Saudi Consolidated Engineering Company (Khatib & Alami).
The facilities management services will be provided by Ajyad Knowledge & SNC Lavalin.
The Wave 1 schools will be operational within 3 years and ultimately benefit more than 50,000 students across the two cities.
The schools will provide students with state-of-the-art education facilities, entertainment space, and infrastructure to encourage student sports.
The shareholders of the Sponsors of the project including Vision Invest, Al Mutlaq Group Company, Omran M. Al Omran & Partners Co Limited and Al Bawani Company Limited are proud to be supporting the Wave 1 project and the first social infrastructure PPP project in the Kingdom of Saudi Arabia, statement said.
Read Also: Saudi Arabia signed the contract for Schools PPP Project
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