Enma Alrawabi Company signed a 25-year lease contract with the Riyadh Schools Holding Co. for an educational complex located in the Hittin district, Riyadh, at a total value of (1,001,676,427) One Billion, One Million, Six Hundred and Seventy-Six Thousand, Four Hundred and Twenty-Seven Saudi Riyals including Value Added Tax (VAT).

The annual rent for the first year will be (29,325,000) including VAT then annual increments will be applied on the future payments, followed by annual increments on future payments.

The contract is in accordance with the terms and conditions agreed upon between the two parties in the lease. Accordingly, Enma Alrawabi is committed to prepare the property as requested by the tenant to be used as an educational complex.

The transaction is intended to optimize the use of the property by optimizing the real estate portfolio of the company.

The deal is expected to increase the utilization of the property, which will positively affect the rental income of the property. Meanwhile, the contract is expected to have a positive financial impact on the company’s revenues and results of 2024.

No related parties are included in the deal.