Al Mohafaza rents land in Riyadh to set up educational facility

Al Mohafaza says land located in Al-Jazirah district, Riyadh, and measures 19,000 sqm

Al Mohafaza Company for Education said Tatweer Buildings Co. (TBC) awarded it a lease on Feb 9 for land in Riyadh, with the plan to invest in construction, equipping and operation of an educational facility for a period of 25 years from the signing date.

The land in Al-Jazirah district of Riyadh measures nearly 19,000 square meters, and the lease includes a two-year grace period during which no rent is due, Al Mohafaza said in a statement to Tadawul.

The annual rent is SAR 2.01 million, increasing by 10% every five years, with the total rental value for the entire contract period coming to SAR 57.34 million (excluding VAT).