Saudi-based National Company for Learning and Education (NCLE) has announced that it has won approval from the company's board of directors to build major educational complexes in the Qurtubah, Al Narjis and Hetteen districts of capital Riyadh at a total investment of SR162 million ($43 million).

 

The go-ahead for the Tarbyh Namouthajiyah schools complexes comes following the inking of land lease agreements for all the three projects, said NCLE in its filing to the Saudi bourse Tadawul. 

 

The largest of the educational complexes will be in Qurtubah district with a 20,200-sq-m built-up area. 

 

A 27-year land lease agreement has been inked with Abdullatif Al Alshikh and Fahad Almusharef for the  Tarbyh Namouthajiyah schools project in Riyadh, stated NCLE in the filing.

 

Work on the project will begin in Q3 and is expected to be completed during the fourth quarter of the fiscal year 2023/2024.

 

Once ready, the SR56-million school building will be able to welcome a total of 2,500 male and female students for the academic year 2024/2025.

 

NCLE has signed up Projects Legend Contracting Company as the main contractor which will be responsible for the construction works, HVAC, elevators and furnishing as well as the deployment of technical devices and setting up of theatres inside the educational complex, it added. 

 

On the Hetteen project, NCLE said the complex will have a total built-up area of 20,000 sq m and be able to accommodate 2,000 male and female students. 

 

A land lease agreement for a period of 26 years and 6 months has been sealed with Al Nimer Commercial Investment Holding Company for the SR57 million school complex, stated the company in its bourse filing.

 

Saudi group Bani Limited Company has been appointed as the main contractor, while several local suppliers will be roped in for furnishing works and equipment supplies for the educational complex in the later stage, it added.

 

On the Al Narjis project, NCLE  said the SR49 million complex will have a total built-up area of 15,300 sq m and be able to accommodate 2,000 male and female students. 

 

A land lease agreement for a 20-year period has been inked with Tatweer Building Company in this regard, stated the company. Saudi group Bani Limited Company will be the main contractor.

 

All of these projects will be funded through NCLE’s internal resources and bank facilities, it stated.

 

This comes as part of the company's strategy to expand and grow the student base in order to generate the growth and returns, it added.-TradeArabia News Service