NCLE buys SAR 35.7M land plot in Riyadh from Al Akaria

National Company for Learning and Education (NCLE) purchased a land plot in Riyadh from the Saudi Real Estate Co. (Al Akaria) for SAR 35.7 million, including the real estate transaction tax, according to a statement to Tadawul.

The transaction was carried out through an online public auction.

The land plot spans 9,450 square meters and the purchase will be financed through the company’s internal resources as well as bank facilities, the statement added.

NCLE aims to construct and operate an educational complex, aligning with its strategy to expand the student base, grow returns, and boost growth.

The company is set to finalize the procedures of transferring and registering the title deed.

The deal will contribute to the growth of revenue and returns in the coming years upon the completion and operational commencement of the project, the statement said, adding that there are no related partied involved.