The National Company for Learning and Education (NCLE) has signed two lease contracts at an annual value of SAR 14.10 million with National Nova Company. The first project, situated in Al Qairawan District, spans 9,735m2 and will have an anticipated capacity of approximately 1,720 students. The second contract was signed for 14,833m2 of land in the Al Arid District, with an estimated capacity of 2,520 students.
The agreements are for a period of 20 years starting from 27 August 2023. The first 10 years will be mandatory for both parties, while the additional 10 years will be discretionary only to NCLE for non-renewal.
The first project, situated in Al Qairawan District, spans 9,735m2 and will have an anticipated capacity of approximately 1,720 students
The two educational projects, which align with NCLE’s expansion and growth strategy, will begin operating during the academic year 2023/2024.
Earlier in October, NCLE obtained a SAR 188 million loan from the Saudi British Bank (SABB) to pay for acquisitions, purchase assets, and construction works.