Manafae Investment Company will invest SAR 250 million in setting up between eight and ten kindergartens in Riyadh, Jeddah and the Eastern Region, as part of a deal signed with Al-Khaleej Training and Education.
Al-Khaleej Training said in statement to Tadawul that it will lease the nurseries for 20 years, paying Manafae eight percent of the total cost of each nursery, including the price of the land and facilities.
The company expects the nurseries, with a total capacity of 4000 students, to be inaugurated within two years.
The financial impact of the deal will be announced in the due course, it added.
Wasatah Capital was appointed as the financial advisor on the deal.
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