NCLE shareholders approve SAR 7.95 mln annual lease contract for educational complex in Riyadh

Headquarters of National Company for Learning & Education

National Company for Learning & Education’s (NCLE) shareholders approved the business contract concluded with Yamami Co., during the ordinary general meeting (OGM) held on Aug. 25, according to a bourse filing.

NCLE Chairman Khaled bin Mohammad Al-Khudhair has an indirect interest in the contract.

The deal relates to a 10-year lease for an educational complex in Riyadh, which is binding on both parties, starting Sept. 1.

The contract value is SAR 7.95 million per year, with an increase of SAR 1 million on the annual rent every five years.

The contract includes a clause that it can be renewed for another 10 years, under the same terms of lease amount as mentioned above.

However, the option to not extend the contract rests only with NCLE, the statement noted.