Al Mohafaza for Education renews lease with Gulf Private Colleges

Logo of Al Mohafaza Company for Education

Nomu-listed Al Mohafaza Company for Education extended on Sept. 8 a lease with Gulf Private Colleges for the building located in Hafar Al-Batin, Sulaymaniyah District, for a period of six months starting from Sept. 1, 2024.

In a statement to Tadawul, the company said the contract value totals SAR 1.44 million, including value-added tax.

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It added that the amount is to be paid in one installment in advance after the expiration of the previous contract on Aug. 31, 2024.

The contract is expected to have a positive financial impact on the company’s revenues and results starting from the first half of the fiscal year ends on July 31, 2025.

The firm said the contract comes in line with its plan to benefit from its available resources, adding that Chairman Abdullah Al-Muhaimid is a related party, as he is a partner in the Gulf Private Colleges.

The company said that the contract, concluded within the normal course of business, did not include any preferential benefits.

The contract will be presented for approval at the next general meeting, the statement noted.