National Learning signs SAR 44 mln land lease to build educational complex in Riyadh

Logo of National Company for Learning & Education (NCLE) 

National Company for Learning & Education (NCLE) signed, on Dec. 13, a land lease contract to construct and operate an educational complex under the name Tarbyh Namouthajiyah Schools affiliated to NCLE.

In a statement to Tadawul, NCLE said the contract is for land spanning 9,991 square meters (sqm), located in An Narjis District, Riyadh.

The contract is valued at SAR 2.15 million annually, with an increase of 4% every year from the eleventh year. The total contract value will stand at SAR 44 million (excluding value-added tax).

The contract is valid for 20 Hijri years and has two years grace period that does not entail any rental value.

The investment is part of the company's strategy to expand the student base to generate the growth and returns that will help achieve NCLE’s strategy.

The financial impact of the contract is expected to start upon the completion and operation of the project, the statement noted.

In November, NCLE announced that it was awarded a land lease contract in An Narjis District, Riyadh from Tatweer Buildings Co. (TBC), Argaam earlier reported.