NCLE board approves 3 educational complexes in Riyadh for SAR 162 mln

National Company for Learning & Education (NCLE) bulding

National Company for Learning and Education’s (NCLE) board of directors approved, on April 4, the construction of three educational complexes in Riyadh at an estimated cost of SAR 162 million.

In separate statements to Tadawul, the company said the first complex will be constructed on the land plot located in Hetteen, Riyadh.

The estimated total built-up area (BUA) reaches 20,000 square meters (sqm) with a capacity of 2,000 students at an estimated cost of SAR 57 million.

The second project comprises the establishment of Tarbyh Namouthajiyah Schools in Qurtubah, Riyadh. The estimated total BUA is 20,200 sqm, with a capacity of nearly 2,500 students and an estimated cost of SAR 56 million.

The third project, namely, Tarbyh Namouthajiyah Schools, will be built in Al-Narjis, Riyadh over an estimated BUA of 15,300 sqm, with a capacity of 2,000 students and an estimated value of SAR 49 million.

The three projects include construction, air conditioning, elevators, theatres, furnishing, as well as the technical devices, and they will start operations as of the academic year 2024/2025.

These fall under the company’s growth strategy to generate returns. Work is expected to begin in Q3 2022/2023 and the projects will be financed from the company’s internal resources as well as bank facilities.

Construction works are expected to be finalized in Q4 2023/2024, with the relevant financial impact to start as of launch of operations in Q1 2024/2025.

The main contractor of the first as well as the third projects is Bani Limited Co., while Legend Contracting Co. will assume the contracting activities for the second project, and several suppliers will be contracted for furnishing the educational complexes at a later stage.