National Learning obtains land use permits for school complex in Riyadh

National Company for Learning & Education (NCLE) bulding

National Company for Learning & Education (NCLE) obtained licenses to benefit from the leased land in Qurtubah district, Riyadh, as an educational complex, the company said in a statement to Tadawul.

The lease contract is valid for 27 years starting from March 5, 2023, including a two-year grace period that does not entail any rental value.

Last September, NCLE signed a land lease contract in Qurtubah district, Riyadh, with Abdullatif Al-Shaikh and Fahad Al Mushrif, to construct and operate Al Tarbiyah Al Namouthajiyah Schools complex, Argaam earlier reported.

The land plot spans over an area of 13,200 square meters.

The contract value amounts to SAR 1.6 million annually, with an increase of 10% every five years.

The contract’s total value over its term is SAR 49.1 million, excluding value-added tax (VAT).