Al Mohafaza for Education leases land to build training institute in Hafar Al-Batin

Logo of Al Mohafaza Co. for Education

Al Mohafaza Co. for Education signed, on May 12, a contract with Salah Saleh Ibrahim Al-Muhaymid (a related party), to lease the land located in Al-Khalidiya District, Hafar Al-Batin Governorate, with an area of 798 square meters, to build a higher training institute.

In a statement to Tadawul, the company said that the lease period is 20 years, with a an annual rental value of SAR 80,000 for the first 10 years, and SAR 100,000 for the last 10 years, and a total contract value of SAR 1.8 million.

This comes in line with the company's plans to expand its activities, the statement added.

Al-Muhaymid is the owner of the land and the company’s Vice Chairman, the statement noted.

However, the Saudi-listed firm confirmed that the contract was concluded within the normal course of business and did not include any preferential benefits.

There will be no financial impact on the contract, Al Mohafaza for Education indicated.