National Company for Learning & Education announces signing a lease agreement for an educational complex building in Al-Arid District- Riyadh with National Nova Company
| Element List | Explanation |
|---|---|
| Introduction | National Company for Learning & Education (NCLE) announces signing a lease agreement for an educational complex building in Al-Arid District- Riyadh with National Nova Company |
| Date of Announcement of the Award | 2022-10-13 Corresponding to 1444-03-17 |
| Contract Subject Matter | Lease of an educational complex (boys – girls) |
| Date of Signing the Contract | 2022-10-13 Corresponding to 1444-03-17 |
| Contract Value | An amount of SR 8.3 million annually throughout the contract period (20 years) |
| Contract Details | Lease contract for an educational complex building (boys – girls) on a land area of (14,833m2) in Al-Arid district- Riyadh. |
| Contract Duration | The contract duration is twenty (20) Gregorian years starting from 27/8/2023, with the first ten (10) years being binding on both parties, and an additional ten (10) years in which the option of non-renewal is granted only to NCLE. |
| Financial Impact and the Relevant Period | It is expected that the financial impact of the contract will be starting from first quarter of the fiscal year ending in 31/08/2024 |
| Related Parties | Not Applicable |
| Additional Information | The educational complex will start operating from the academic year 2023/2024. The complex has an estimated capacity of 2,520 students. This investment is part of the company's strategy to expand and grow the student base in order to generate the growth and returns that achieve the company's strategy.
The company aims from this educational complex to grow its market share in the north of Riyadh by providing educational curricula that serve multiple segments of parents to meet various desires. |
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