Riyadh - Mubasher: OFOK Educational Company inked a SAR 21.08 million lease agreement with Digital Encyclopedia Trading Company for a land investment project in the Al Suwaidi district of Riyadh, according to a bourse filing.
The agreement covers the leasing of a 6,188 square meters (m²) plot for the development and operation of an educational complex under the name Horizon International Schools, affiliated with OFOK Educational.
The lease runs for 25 years and includes a two-year grace period during which no rental fees will be paid.
Meanwhile, the annual rent has been set at SAR 739,000, increasing by 10% every five years, with the financial impact expected to begin once the project is completed and operational.
