Horizon Educational Co. Announces Contract Award with Building development company
| Element List | Explanation |
|---|---|
| Introduction | Al Ofoq Educational Company announces that it has received a notice of awarding a lease contract in the Dhahrat Laban neighborhood in Riyadh from the Building Development Company in order to invest in establishing and operating an educational complex called Alofoq International Schools, affiliated with Alofoq Educational Company.
This investment comes within the company's strategy, which aims to expand and grow the student base in order to achieve growth and returns that achieve the company's strategy |
| Date of the Award | 2024-06-27 Corresponding to 1445-12-21 |
| Counterparty | Building development company |
| Contract Value | The contract value is (1,314,110) million, three hundred and fourteen and one hundred and ten Saudi riyals annually, and the annual rent percentage increases every five contractual years by 10%.
The rental value of the contract throughout its duration is (32,417,911) thirty-two million four hundred and seventeen thousand nine hundred and eleven Saudi riyals (excluding value added tax). |
| Contract Details | Renting land in the Dhahrat Laban neighborhood in Riyadh with an area of 13,010.4 square meters to establish and operate an educational complex for a period of 23 Gregorian years from the date of signing the contract. The contract period includes a grace period of two years that does not entail any rental value. |
| Related Parties | There are no related parties |
| Additional Information | The company will announce any material developments related to the signing of the lease contract and the project in due course |
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