Horizon Educational bags contract with Buildings Development

Logo of Horizon Educational Co.

Horizon Educational Co. won today, June 27, a land lease contract in Riyadh’s Dhahrah Laban district from Buildings Development Co., according to a statement on Tadawul.

The company will invest in the land by establishing and operating an educational complex under the name Horizon International Schools, affiliated with Horizon Educational Co., the statement added.

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The lease duration is 23 years from the contract signing date, including a two-year grace period with no rental value. The land area is about 13,010 square meters.

The contract's annual value is SAR 1.31 million, which increases by 10% every five contractual years. The contract's total rental value over its duration will be SAR 32.42 million (excluding VAT).

This investment is part of Horizon Educational’s strategy to expand and grow the student base, aiming for growth and returns that align with the company's strategy.

There are no related parties. Horizon Educational will announce any material developments related to signing the lease contract and the project in due course, the statement said.