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Academy of Learning Company announces signing a contract to rent a location for its new campus in Dammam to establish a women’s training institute from Meraas Al Sharqiya Investment Company
| Element List | Explanation |
|---|---|
| Introduction | Academy of Learning Company announces the rental of a location for its new campus in the city of Dammam in Al-Fursan neighborhood - King Fahd Road, with an area of (9,177 square meters), to establish a women’s training institute, for (15) years, with a total value of (55,875,000) Saudi riyals, and an annual rental value. For the first five years (2,937,500), and for the following five years the amount is (3,725,000) Saudi riyals, and for the last five years, the amount is (4,512,500) Saudi riyals. The building’s capacity will be (2,700) female students. This will be the fourth campus for female students in Dammam. This comes in line with the future vision of the Academy achieving the growth it seeks in its training operations and providing more of its distinguished services to a wide range segment in the Kingdom of Saudi Arabia. |
| Date of Announcement of the Award | 2024-06-02 Corresponding to 1445-11-25 |
| Contract Subject Matter | signing a contract to rent a location for new campus in Dammam to establish a women’s training institute |
| The Entity with Which the Contract was Signed | Meraas Al Sharqiya Investment Company |
| Date of Signing the Contract | 2024-06-02 Corresponding to 1445-11-25 |
| Contract Value | 55,875,000 SAR |
| Contract Details | rental of a location for its new campus in the city of Dammam in Al-Fursan neighborhood - King Fahd Road, with an area of (9,177 square meters), to establish a women’s training institute, for (15) years, with a total value of (55,875,000) Saudi riyals, and an annual rental value. For the first five years (2,937,500), and for the following five years the amount is (3,725,000) Saudi riyals, and for the last five years, the amount is (4,512,500) Saudi riyals. |
| Contract Duration | 15 Years |
| Financial Impact and the Relevant Period | The financial impact of this contract is expected to begin during the second half of 2024 |
| Related Parties | Do not apply |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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