‎National Learning inks agreements to lease 2 educational building in Riyadh for SAR 14.1 mln annually

‎National Learning inks agreements to lease 2 educational building in Riyadh for SAR 14.1 mln annually

National Company for Learning & Education (NCLE) signed, on Oct. 13, two agreements with National Nova Co. to lease two educational complex buildings in Al-Arid and Al Qairawan Districts, Riyadh.

Al-Arid complex contract is valued at SAR 8.3 million a year, while Al Qairawan complex contract amounted to SAR 5.8 annually, according to bourse statements.

The contracts have durations of 20 years, starting from Aug. 27, 2023, with the first 10 years being binding on both parties. An additional 10 years with the option of non-renewal is granted only to NCLE.

Al-Arid complex is built on a land area of 14,833 square meters (sqm), while Al Qairawan complex occupies 9,735 sqm.

The two buildings will start operations in the 2023-2024 academic year, the company noted.

Al-Arid complex is estimated to hold 2,520 male and female students, while Al Qairawan complex can accommodate 1,720 students.

The financial impact of these two contracts will reflect on company’s financials starting from the first quarter of its fiscal year, which will end on Aug. 31, 2024.

These investments come within the company’s strategy to expand and grow the student base in order to generate the growth and returns that accomplish the strategy. Meanwhile, the deals are aimed to grow the company’s