Ataa Educational buys SAR 17 mln land for educational complex in Riyadh

Logo of Ataa Educational Co.

Ataa Educational Co. announced purchasing a land plot in Irqah district, Riyadh, at SAR 17 million (excluding the real estate tax and office fees), according to a statement to Tadawul.

The company said the land, which was acquired from Prince Abdulaziz bin Mishaal Al Saud, spans 10,000 square meters on Prince Mishaal bin Abdulaziz Road. It will be used to establish an educational complex.

Ataa Educational also noted that the project will be funded through self-resources and bank loans.

The educational complex will accommodate 2,300 male/female students for the transfer of the existing Al-Fikr National Complex. This transfer is consistent with the company's plans to transfer its schools from non-educational buildings to purpose-built educational buildings, in addition to increasing the capacity of students according to the company's strategy for expansion, according to the statement.

The new complex will also support the growth of Ataa’s market share in western Riyadh by providing educational curricula that serve multiple segments of parents to meet various demands.

The expected impact of the transaction will be an increase in non-current assets in Q4 2023, Ataa said. It noted that there are no preferential or special conditions.