National Building waives SAR 25.1 mln educational facility investment contract

Logo of National Building and Marketing Co. (NBM)

National Building and Marketing Co. (NBM) waived an investment contract for an educational facility owned by the Ministry of Education and managed by Tatweer Building Co., according to a statement to Tadawul.

Located in Granada neighborhood in Riyadh, the building spans 10,000 square meters (sqm).

The educational facility was assigned to Adhwaa Al-Hedaya Schools Co. at a value of SAR 25.1 million.

The contract was assigned under the same terms stipulated in the contract concluded between Tatweer Building and NBM, following Tatweer’s approval of the assignment.

A positive impact of the deal is expected to reflect on Q2 2023 financial results, the statement added, noting that the company’s Chairman, Fahad Al Thunayan, is a related party to the contract.