Riyadh – Mubasher: Ataa Educational Company on 4 November signed an annual lease agreement with Tatweer Buildings Company (TBC), a limited liability company, to rent an educational complex for a period of 35 years for SAR 98.36 million.

The complex spans 11,557 square meters and is located in Riyadh’s Al Worood District. The contract has an annual rental value of SAR 2.851 million, according to a recent bourse statement.

This lease comes within Ataa Company’s plan to transfer its schools related to Tadaruj programme to standard educational buildings while increasing student capacity, in line with the company's expansion strategy.

The deal’s material effect will reflect on Ataa’s financial statements for the second half (H2) of the fiscal year ending on 31 July 2021.