National Company for Learning and Education announces the construction project of Tarbyh Namouthajiyah schools complex in Qurtubah district - Riyadh
| Element List | Explanation |
|---|---|
| Introduction | In reference to the National Company for Learning and Education “NCLE” announcement on 10/02/1444H, corresponding 06/09/2022G regarding its signing a land lease contract with an area of 13.2 thousand m2 for a period of 27 years in Qurtubah district - Riyadh, NCLE announces the Board of Directors’ approval on 13/09/1444H Corresponding to 04/04/2023G on the construction project of Tarbyh Namouthajiyah schools (Educational Complex) on the land located in Qurtubah district-Riyadh.
The estimated total built-up area of the educational complex is 20.2 thousand m2, with an estimated capacity of 2,500 male and female students, at an estimated cost of SR 56 million which includes the construction works, air conditioning, elevators, theatre, furnishing, technical devices and other equipment for the educational complex. The educational complex will start operating from the academic year 2024/2025.
This investment is part of the company's strategy to expand and grow the student base through the establishment of an educational complex that complements the services of the company's current school in Qurtubah district, which is close to reaching its capacity and offers kindergarten and primary stages only. |
| Date of Board Resolution in Regard to the Project | 2023-04-04 Corresponding to 1444-09-13 |
| Project Start Date | During the third quarter of the fiscal year 2022/2023. |
| Project Cost | The total estimated cost of the project is SR 56 million. |
| Financing method for the project | The project will be funded through NCLE’s internal resources and bank facilities. |
| Expected completion date of the project | The construction works of the project are expected to be completed during the fourth quarter of the fiscal year 2023/2024. |
| Expected Impact on the Company’s Financial Results | The financial impact of the project is expected to start upon the operational commencement of the educational complex from the first quarter of the fiscal year 2024/2025. |
| Expected Date on Which the Impact on the Financial Results of the Company will Start | Upon the operational commencement of the educational complex from the first quarter of the fiscal year 2024/2025. |
| Expected Date for the Pilot Production of the Project to Begin | Not applicable |
| Duration of the pilot production of the project | Not applicable |
| Expected date for the commercial production of the project | The educational complex will start operating from the academic year 2024/2025. |
| Executing Party/Counter Party in the Project/Contract | The main contractor for the construction and finishing works of the project is Projects Legend Contracting Company. Several suppliers will be contracted for furnishing and equipment for the educational complex later. |
| Related Parties | Not applicable |
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