Ataa Educational Co. signed today, Nov. 4, a 35-year agreement with Tatweer Buildings Co. (TBC) to lease an 11,557 square meters (sq m) educational complex in Riyadh at an annual rent of SAR 2.85 million, totaling SAR 98.36 million, the company said in a bourse statement.
Tatweer is a public company owned by the Public Investment Fund (PIF).
The financial impact will show in the second half of the fiscal year ending on July 31, 2021.
The move is part of Ataa’s plan to relocate its schools operating under Tadaruj program to model educational buildings, and increase the student capacity as part of its expansion strategy.
No other parties are related to the agreement, the company said, adding that any other updates on the lease deal will be disclosed in due course.
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