National Learning signs SAR 75.1 mln land lease contract to build education complex in Riyadh

Headquarters of National Company for Learning & Education

National Company for Learning & Education (NCLE) signed a land lease contract in Hittin district, Riyadh, with Al-Nimer Commercial Investment Holding Co. to build and operate an education complex for NCLE.

The contract is valued at SAR 2.46 million annually, with increases of 10% every five years. The total contract value will stand at SAR 75.1 million, exclusive of value-added tax (VAT).

The land spans a total area of 12,650 square meters (sqm). The contract is valid for 26 years and six months starting from the license issuance date to use the land as an educational complex by the competent authorities. The contract has an 18-month grace period that does not entail any rental value.

This contract shall be deemed void if the land licenses are not obtained within a period of six months from the contract signing date, and it may be extended for another six months.

The investment aligns with the company’s strategy that aims to expand and grow the student base to achieve growth and returns.

The financial impact is expected to start upon the completion and operation of the project, NCLE added.