Riyadh – Mubasher: National Building and Marketing Company signed on 5 April an investment contract worth SAR 63.22 million for a 10,000-square-meter educational facility in Riyadh.
The duration of the deal is 35 years, of which the first 25 years hold an annual rental value worth SAR 1.56 million. This will be followed by a 10% increase each year for the remaining 10 years, according to a disclosure to Tadawul.
National Building noted that the material impact of this contract will positively reflect on income statements as of 2022.
The company has acquired last month Ajeej Steel Manufacturing Co's entire shares for SAR 180 million.
