Element List	Explanation
Introduction	In line with the company's strategy to expand in the education sector, Academy of Learning Company announces the signing of a long-term lease contract by its subsidiary (Learning Private Schools Company) for four model schools with a capacity of five thousand students in the cities of Dammam and Khobar for a period of (30) years. This aims to provide educational services across various levels and types for males and females, and to enhance the company's geographical expansion in the Eastern Province.
Date of Announcement of the Award	2026-04-05 Corresponding to 1447-10-17
Contract Subject Matter	The lease of four model schools by Learning Private Schools Company for 30 years with a capacity of five thousand students. These schools will be built by Wujud Real Estate Company (a subsidiary of Al-Wabel Real Estate Group) to be used for educational activities at all levels and types, including nursery, early childhood, and various educational stages for males and females, in addition to special education programs.
The Entity with Which the Contract was Signed	Wujud Real Estate Company, a subsidiary of Al-Wabel Real Estate Group
Date of Signing the Contract	2026-04-05 Corresponding to 1447-10-17
Contract Value	The estimated cost for developing the schools is approximately SAR 200 million, borne by Wujud Real Estate Company. The annual rental value for the company will be calculated at 8% of the actual cost, with a periodic increase of 5% of the rental value every five years, in accordance with the terms and conditions of the contract.
Contract Details	The contract includes the lease of four model schools with a capacity of five thousand students, developed by Wujud Real Estate Company. These are distributed between the cities of Dammam and Khobar; the Dammam schools are located in the Akwan residential layout, while the Khobar schools are located in the Tahliya and Al-Khuzama residential layouts.
Contract Duration	The contract duration is (30) years, starting six months after the date of receiving each school.
Financial Impact and the Relevant Period	The positive financial impact is expected to begin gradually with the operation of the schools following the end of the grace period (6 months) from the date of receiving each school.
Related Parties	None
Additional Information	The company confirms that its investment policy in schools relies on leasing buildings rather than owning them, aiming to reduce capital expenditures and accelerate the achievement of investment returns.
Attached Documents	Attached Documents