Academy of Learning rents SAR 55.9M campus in Dammam for 15 years

Logo of Academy of Learning Co.

Academy of Learning Co. (AOL) rented a campus for its new branch in Dammam in Al-Fursan District - King Fahd Road, from Meraas Al-Sharqiya Investment Co., at a total value of SAR 55.88 million.

In a statement to Tadawul, AOL said it will build a higher training institute for women on the campus, which spans 9,177 square meters.

The lease has a 15-year term. AOL will pay an annual rent of SAR 2.94 million during the first five years, SAR 3.73 million during the following five years, and SAR 4.51 during the remaining period.

The campus will have a capacity of 2,700 students, making this the fourth branch for female students in Dammam.

The statement added that this comes in line with the company’s future vision, to achieve the growth it seeks in its operations, and provide more services to a wide range of segments in the Kingdom.

The financial impact of this contract is expected to begin in H2 2024.