NCLE awarded SAR 63.9M land lease in Riyadh

NCLE to develop and operate an educational complex on the leased land

National Company for Learning and Education (NCLE) received a land lease in Khuzam Suburb district, Riyadh, from Tatweer Building Co. investment to develop and operate an educational complex affiliated with the Tadawul-listed firm.
 

The total rental value of the contract over its term amounts to SAR 63.9 million, excluding VAT, NCLE said in a statement to Tadawul.

 

The contract includes leasing a land plot with an area of 10,988 square meters for the construction and operation of an educational complex for a period of 25 years from the date of signing. The contract also includes a grace period of two years during which no rental payments will be due.

 

NCLE noted that the annual rental value amounts to SAR 2.24 million, with a 10% escalation every five contractual years, adding that there are no related parties.

 

This investment falls within the company’s strategy aimed at expansion and increasing its student base to achieve growth and returns in line with its strategic objectives.

 

NCLE will announce any material developments related to the signing of the lease contract and the project in due course, the statement added.

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