Riyadh – Mubasher: The National Company for Learning and Education (NCLE) won a project worth SAR 44 million from Tatweer Building Company on 17 November 2022, according to a bourse filing.
The lease contract has an annual value of SAR 2.15 million, with an annual increase of 4%, starting from the 11th year. It holds a two-year grace period that does not entail any rental value.
NCLE will rent a land plot in Riyadh to construct and operate an educational complex for 20 years from the contract signing date. The land is located in the Al Narjis district and spans 9,991 square metres.
The project aligns with the Tadawul-listed firm’s objective to expand the student base and achieve growth and returns. Meanwhile, the company noted that it will announce any relevant material developments in due course.
Last October, NCLE and National Nova Company inked two lease contracts at an annual value of SAR 14.10 million.
