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Alkhaleej Company for Training & education announces signing a lease contract for an educational & residential complexes with Multinational Educational Company.

Element List Explanation
Introduction Al-Khaleej Company for Education and Training announces the signing of a lease contract for an educational complex and a residential complex in the Qurtuba neighborhood in the city of Riyadh for a period of (19.8) nineteen years and eight months between Al-Khaleej Company for Education and Training and a multi-national education company.
Date of Announcement of the Award 2024-03-28 Corresponding to 1445-09-18
Contract Subject Matter signing with the Multinational Educational Company a (19.8) nineteen-year and eight-month lease contract for an educational & Residential complex located in the Qurtoba district of Riyadh. The annual rent for the first year will be seventeen million, nine hundred seventy-four thousand and six hundred eighty-two Saudi Riyals only (17,974,682) Excluding VAT, and then annual increments will be applied to future payments.
The Entity with Which the Contract was Signed Multinational Educational Company
Date of Signing the Contract 2024-03-28 Corresponding to 1445-09-18
Contract Value (379,625,283) Three hundred and seventy-nine Million, six hundred twenty-five thousand, and two hundred eighty-three Saudi Riyals, Excluding value-added tax (VAT).
Contract Details The subject property is leased to the tenant (Multinational Educational Company) under the terms and conditions regulated between the two parties in the lease contract. AlKhaleej Company for Training & Education is obliged to ensure the safety and readiness of the property as requested by the tenant, and the tenant is required to use the property as an educational complex.
Contract Duration (19.8) nineteen years and eight months
Financial Impact and the Relevant Period first quarter of the fiscal year 2024 And beyond
Related Parties Potential Related party duo to the potential merging with Adwaa Hedaya Schools for boys and girls shareholders.
Additional Information Transaction reasons:The transaction’s purpose is to optimize the use of the subject property by optimizing the company’s real estate portfolio.

Expected Impact of the Transaction on the Company and Its Operations:Increased utilization of the property will positively impact the rental income of the subject property. This contract is expected to have a positive financial impact on the company’s revenues and results.

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