National Learning obtains licenses to construct educational complex on Hittin land

The National Company for Learning & Education (NCLE) bulding

The National Company for Learning & Education (NCLE) announced that licenses were issued to construct and operate an educational complex on the leased land in Hittin district, Riyadh.

The lease contract is effective for 26 year and six months, starting from April 1, 2023, the company said in a filing to Tadawul, adding that this includes a grace period of one year and six months that does not entail any rental value as previously announced.

In October, NCLE signed a land lease contract at Hittin district with Al-Nimer Commercial Investment Holding Co. to build and operate an education complex for NCLE, according to data available with Argaam.

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).