On August 19, 2026, Saudi Arabian Refineries Company (SARCO) announced that Raya Al-Tajdeed Contracting Company, a 35%-owned associate of SARCO, has signed a contract with a Multi-National Education Company for construction and finishing works in Riyadh, valued at SAR 100,000,000 (one hundred million Saudi Riyals) with a duration of 24 months. The financial impact of the contract is expected to commence in Q4 2026. Notably, the transaction is classified as a Related Party Transaction, as SARCO's Managing Director, Eng. Mohammed Iqbal Daboul, serves as an Executive Board Member of Ithraa Holding Company, the ultimate owner of the Multi-National Education Company and a 35% shareholder in Raya Al-Tajdeed Contracting Company.

Original announcement:

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