King Saud University (KSU) 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).

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. It will also 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 KSU Board Chair Yousef Al Benyan.