The National Building and Marketing Company signed today an investment contract in an incomplete educational facility for 35 years, which is owned by the Ministry of Education and managed by TBC.
The said company has made a statement published on Tadawul that the annual rental value of the contract is SAR 1.56 million for 25 years. A 10% increase will be applied for each of the remaining years, with a grace period for the first two years of the contract.
The said company revealed that the building is located in Riyadh, Granada District, with a total area of 10.000 square meters. According to the contract terms and condition, the company will complete the construction of the educational facility in accordance with the technical conditions and will operate it in accordance with the list of standards of private schools.
The company will fund the contract from its own resources. Upon signing the contract, it has paid the rental value for one year in advance, and the lease payment will resume after 3 years from the date of signing the contract.
The company added that the transaction has come into play to develop its resources through investment in the education sector, and that it will have a positive impact on the company's outcome as of 2022.