It was announced that NCLE Company had received a notice of awarding a lease contract for land of 9,991 square meters in Al Narjis district in Riyadh. This lease contract will enable NCLE Company to invest in building and operating another educational complex under the name of Tarbiya Namouthajiyah Schools. Moreover, this investment is also part of the company’s strategies to expand and grow their student base to achieve growth and returns that meet their strategies.As for the rent, it extends for 20 Hijri years from the date of signing the contract, and it amounts to 2.15 million riyals annually, with an annual increase of 4% starting from the eleventh year, and it equates to 44 million riyals (without VAT) throughout the entire contract’s duration. While the contract includes a grace period of two years that does not entail any rental value. Any material developments related to signing the lease contract and the project will be announced in due course, as there are no related parties.
