NCLE signs land lease contract in Riyadh with Tatweer Building ‎for SR44 mln

The National Company for Learning and Education (NCLE) announced that it had signed a land lease contract for a period of 20 years at 44 million riyals with the “Development of Buildings” in Al-Narjis neighborhood in Riyadh, in order to invest in the establishment and operation of an educational complex called Tarbiya Namouthajiyah Schools affiliated to the National Company for Learning and Education.

This investment comes within the company’s strategy that aims to expand and grow the student base in order to achieve the growth and returns that achieve the company’s strategy.

It explained that the value of the contract is 2.15 million riyals annually, with an annual increase of 4%, starting from the eleventh year. The rental value of the contract for its duration is 44 million riyals (excluding value-added tax).

It is noteworthy that the land area is 9,991 square meters, in order to construct an educational complex for a period of 20 Hijri years, starting from the date of signing the contract, and the contract period includes a grace period of two years that does not entail any rental value.

The company expects that the financial impact of this contract will begin when the project is completed and operational.

This comes as a reference to the company’s announcement on “Tadawul” on 11/20/2022 AD, which includes receiving a notice of awarding a lease contract to invest land in the Narjis neighborhood in Riyadh from the Building Development Company.