NCLE leases land plot in Riyadh for SAR 63.9M

NCLE says the financial impact will show once the complex commences operations

National Company for Learning & Education (NCLE) signed a 25-year land lease in Riyadh valued at SAR 63.9 million (excluding VAT) to develop and operate a new educational complex.

In a Tadawul filing, the company said the agreement was signed on Feb. 16, with Tatweer Buildings Co. for a plot located in the Khuzam district, Riyadh.

Under the contract, the annual rent is set at SAR 2.24 million, with a 10% increase every five years. The contract includes a two-year rent-free grace period.

The land spans 10,988 square meters. The project forms part of the NCLE’s expansion strategy to grow its student base and deliver sustainable returns in line with its strategic objectives.

The financial impact will show once the complex commences operations.

According to Argaam data, the company has been recently awarded a land lease to establish and operate an educational complex.