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National Company for Learning & Education (NCLE) has signed a land lease contract to construct and operate an educational complex in Al-Narjis district of Riyadh, the company said in a statement to the Saudi stock exchange.
The complex, under the name Tarbyh Namouthajiyah Schools, will cover 9,991 square metres in the capital city.
The total contract value will be 44 million Saudi riyals ($11.70 million), with NCLE paying SAR 2.15 million annually. The amount will increase by 4 percent every year from the 11th year.
The contract is valid for 20 Hijri years with two years grace period, which does not entail any rental value, the statement said.
In October, the company signed a long-term land lease agreement with Al-Nimer Commercial Investment Holding Co. to build and operate an education complex in Hittin district, Riyadh.
(Writing by D Madhura; Editing by Anoop Menon)
