NCLE in deal to build $43mln school complexes in Riyadh

NCLE in deal to build $43mln school complexes in Riyadh

Saudi-based National Company for Learning and Education (NCLE) has announced that it has won approval from the company's board of directors to build major educational complexes in the Qurtubah, Al Narjis and Hetteen districts of capital Riyadh at a total investment of SR162 million ($43 million).

The go-ahead for the Tarbyh Namouthajiyah schools complexes comes following the inking of land lease agreements for all the three projects, said NCLE in its filing to the Saudi bourse Tadawul.

The largest of the educational complexes will be the one at Qurtubah district with a 20,200 sq m built-up area.

A 27-year land lease agreement has been inked with Abdullatif Al Alshikh and Fahad Almusharef for the Tarbyh Namouthajiyah schools project in Riyadh, stated NCLE in the filing.

Work on the project will begin in Q3 and is expected to be completed during the fourth quarter of the fiscal year 2023/2024.

Once ready, the SR56-million school building will be able to welcome a total of 2,500 male and female students for the academic year 2024/2025.

NCLE has signed up Projects Legend Contracting Company as the main contractor which will be responsible for the construction works, air conditioning, elevators and furnishing as well as the deployment of technical devices and