NCLE signs two lease contracts for two educational complexes in Riyadh for SR14.1 mln

National Company for Learning & Education (NCLE) announced on Sunday the signing of a lease agreement for an educational complex building in Al-Qairawan District- Riyadh with National Nova Company.
The company said in a statement on Tadawul that the term of the contract is twenty (20) Gregorian years, starting from the date of 27-8-2023, interspersed with the first ten (10) years that are binding on both parties, and an additional ten (10) years is available for which the option of not renewing is exclusively available for the tenant (National Education and Training Company).
The financial impact and the period that it will reflect The financial impact of this contract is expected to start from the first quarter of the company’s fiscal year, which will end on 31/08/2024.
The educational complex will start operating in the academic year 2023/2024. The complex has an estimated capacity of 1,720 students. This investment is part of the company’s strategy to expand and grow the student base in order to generate the growth and returns that achieve the company’s strategy.
The company aims from this educational complex to grow its market share in the north of Riyadh by providing educational curricula that serve multiple segments of parents to meet various desires.
The contract value is an amount of SR5.8 million annually throughout the contract period (20 years)
It is expected that the financial impact of the contract will be starting from first quarter of the fiscal year ending in 31/08/2024