| Element List |
Explanation |
| Introduction |
The Knowledge Economic City (KEC) announces the termination of its agreement signed with Knowledge Tree Company, a subsidiary of Mounes Mohammed Al-Shaib Group (MOBCO), which had been signed to develop a model educational complex for boys and girls from kindergarten through grade 12, offering internationally accredited curricula within the Knowledge Economic City. |
| Previous Announcement |
The Signing of an Agreement to Establish Elite International Schools within the Knowledge Economic City |
| Date of Previous Announcement on Saudi Exchange’s Website |
2021-04-22 Corresponding to 1442-09-10 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website |
Click Here |
| Latest Developments Of The Announced Event |
The termination was initiated by Knowledge Economic City on 2nd July 2025 due to the second party's (Knowledge Tree Company) failure to fulfill its contractual obligations and adhere to the agreed implementation timeline, despite the extensive support provided by KEC to facilitate the completion of the project. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. |
In accordance with the agreement terms, Knowledge Economic City claims the rent value for the period from the land handover date to the termination date—originally granted as a grace period for complex execution—along with the value of the performance guarantee. |
| Additional Information |
The Knowledge Economic City is in the final stages of negotiating and signing an agreement with a prominent national educational institution to establish a world-class school complex that aligns with both partis’ vision of delivering high-quality educational services. |
Comments