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Saudi’s National Company for Learning & Education (NCLE) has 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.
The contract is valued at 75.10 million Saudi riyals ($19.98 million), the company said in a statement to the Saudi stock exchange.
The contract will be valid for 26.6 years from the land use license issuance date as an educational complex by the authorities. The total land area is 12,650 square metres.
The contract will be deemed void if the land licenses are not received within six months from the contract signing date, the statement said.
In September 2022, NCLE signed a land lease contract to construct and operate Al Tarbiyah Al Namouthajiyah Schools complex for over 49 million riyals ($13 million).
(Writing by D Madhura; Editing by Anoop Menon)
