Al Khaleej Training and Education Company Signs SAR 75 million Sale Agreement with Manafea Holding Company By Wasatah Capital
October 22, 2014 – Al Khaleej Training and Education Company (“Al Khaleej” or the “Company”) announced today that it has entered into an agreement for the sale of its training and administration building in Al Ghadir, Riyadh, The Company has entered into a sale agreement with Manafea Holding Company (“Manafea”) with respect to the transaction.
The purchase and sale agreement between Al Khaleej and Manafea provides for a purchase price of SAR 75.0 million.
Eng. AlWaleed Aldryaan, Chief Executive Officer of Al Khaleej, commented, “We are pleased with the transaction and the strategic relationship that we have established with Wasatah Capital and Manafea and we intend to reinvest the proceeds of the transaction to drive further growth in our core education business.”
Mr. Mohamed Bin Dawood, Chief Executive Officer of Manafea, commented, “As a firm, we are keen to invest into high quality real estate assets and we look to further develop our relationship with Al Khaleej.”
Wasatah Capital is acting as the financial advisor for the transaction. Mr. Abdullah Al Rasheed, Chief Executive Officer of Wasatah Capital, commented, “There is a scarcity of well structured income generating real estate investments in Saudi Arabia and there is high interest from local and regional investors.”