Indeed, the «Talaee Al-Noor International School» located in Riyadh sported a rainbow facade, as you can see on the photo. But not only the school had to repaint at its own expense the facade in blue, but the establishment had to pay a fine of 100,000 riyals ($26000 - 24000euros) and the school administrator, who had made the choice of wall decoration, is currently in custody awaiting trial.
Homosexuality is regarded in Saudi Arabia as a crime. Many LGBT people are regularly arrested, flogged and thrown into prison.