Ataa Educational signs Lease Contract with Tatweer Buildings for 30 years at SAR118 mln

Ataa Educational Company announces signing an annual lease contract with Tatweer Procurement Company for an educational complex building on an area of (13,942) thirteen thousand nine hundred forty-two square meters in Riyadh, in Sulaymaniyah district, for a period of (30) thirty years, with a total value of (118,029,500) one hundred and eighteen million twenty-nine thousand five hundred Saudi riyals, annual leasing value of (4,001,000) four million and one thousand Saudi riyals.

The company said in a statement on Monday that the Complex also has a carrying capacity of (2500) two thousand five hundred male and female students. The complex is expected to operate by the beginning of next year.

It also said that the Financial Impact would be observed in the first half of the company’s fiscal year, which ends in 31-07-2023. The company will announce any material developments related to the lease contract and the project in due course.