NCLE awarded land lease contract in Riyadh from Development Buildings at SR44 mln

National Company for Learning & Education (NCLE) announced on Sunday receiving a notification of an award from Tatweer Building Company concerning a land lease contract in Al-Narjis district – Riyadh, for the purpose of constructing and operating an educational complex for NCLE under the name of Tarbyh Namouthajiyah schools.
This investment is part of the company’s strategy to expand and grow the student base to generate the growth and returns that achieve the company’s strategy.
The contract value is an amount of SR 2.15 million annually, with an annual increase of 4%, starting from the eleventh year.
The total value of the contract over its period is SR 44 million (excluding VAT).
The contract details are a Lease of land in Al-Narjis district – Riyadh with an area of (9,991 m2) to construct and operate an educational complex for a period of 20 Hijri years from the date of signing the contract. The contract duration includes two years grace period that does not entail any rental value. There are no related parties
The company will announce any material developments related to signing the lease contract and the project in due course.