National Learning inks agreements to lease 2 educational buildings in Riyadh for SAR 14.1 mln annually

National Company for Learning & Education's (NCLE) building

National Company for Learning & Education (NCLE) signed, on Oct. 13, two agreements with National Nova Co. to lease two educational complex buildings in Al-Arid and Al Qairawan Districts, Riyadh.

Al-Arid complex contract is valued at SAR 8.3 million a year, while Al Qairawan contract amounted to SAR 5.8 million annually, the company said in separate statements to Tadawul. 

The contracts are valid for 20 years, starting from Aug. 27, 2023, with the first 10 years being binding on both parties. An additional 10 years with the option of non-renewal is granted exclusively to NCLE. 

Al-Arid complex is built on a land area of 14,833 square meters (sqm), while Al Qairawan complex occupies 9,735 sqm. 

The two buildings will start operations in the 2023/2024 academic year, the company noted. 

Al-Arid and Al Qairawan complexes are estimated to hold 2,520 and 1,720 male and female students, respectively. 

The financial impact of these two contracts will reflect on the company’s financials starting from the first quarter of its fiscal year ending Aug. 31, 2024. 

These investments come within the company’s strategy to expand and grow the student base in order to generate the growth and returns that accomplish the strategy. 

Meanwhile, the deals are aimed to grow the company’s market share in the north of Riyadh by providing educational curricula that serve multiple segments of parents to meet various desires, the statements added.