National Learning awarded land lease to build educational complex in Riyadh

National Company for Learning and Education (NCLE) was awarded on Nov. 17 a land lease contract in An Narjis District in Riyadh from Tatweer Buildings Co. (TBC), the Saudi-listed firm said in a statement on Tadawul.

The company will establish and operate an educational complex under the name of Tarbyh Namouthajiyah Schools affiliated to NCLE.

The contract is valued at SAR 2.15 million annually, with increases of 4% every year from the eleventh year. The total contract value will stand at SAR 44 million (excluding value-added tax).

The land spans a total area of 9,991 square meters (sqm). The contract is valid for 20 Hijri years and has two years grace period that does not entail any rental value.

There are no related parties, it noted.

NCLE will announce any material developments related to signing the lease contract and the project in due course.