NCLE delays Doha Hills operation to 2022-2023 academic year amid COVID-19

National Company for Learning and Education (NCLE) said on Monday that it expects to begin operations of Doha Hills Schools Complex in Dhahran City in the 2022-2023 academic year, instead of 2021-2022 academic year.

The company said in a bourse statement that the project is 49% complete, adding that its board of directors decided on Sept. 7, 2020 to delay the completion of the construction temporarily on the COVID-19 pandemic, which interrupted construction works, in addition to the economic feasibility of the project launch. 

The statement added that the board of directors has recommended to the general assembly to approve the re-allocation of the unused IPO proceeds designated for funding the project to finance the company’s operational activities, in order to optimize the usage of the available liquidity.  

This is subject to approvals of competent authorities, the statement also said. 

The company said the project will be funded later from its internal resources or via bank facilities, adding that no major impact is expected on its financial results for the fiscal year 2020-2021. 

In January, the company announced that Doha Hills Schools Complex is expected to start operation in 2021-2022 instead of 2020-2021 due to the delay in issuing the required licenses from competent authorities.