| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement by OFOK Educational Company (“the Company”) on the Tadawul website dated 27/11/1447 AH, corresponding to 14/05/2026 AD, regarding receiving notification of award of a lease agreement for land investment in the Al-Suwaidi district of Riyadh from Tatweer Buildings Company, the Company announces the signing of the lease agreement with Tatweer Buildings Company for the purpose of developing the land to establish and operate an educational complex called Horizon International Schools, affiliated with OFOK Educational Company. This comes as The investment is part of the company's strategy, which aims to expand and grow the student base in order to achieve the growth and returns that fulfill the company's strategy. |
| Date of Announcement of the Award | 2026-05-14 Corresponding to 1447-11-27 |
| Contract Subject Matter | A land lease agreement for the purpose of investing in and operating an educational complex called Horizon International Schools, affiliated with OFOK Educational Company. |
| The Entity with Which the Contract was Signed | Digital Encyclopedia Trading Company |
| Date of Signing the Contract | 2026-06-22 Corresponding to 1448-01-07 |
| Contract Value | The contract value is (739,000.00) seven hundred and thirty-nine thousand riyals only annually, and the annual rent increases every five contractual years by a percentage of 10%, and the total rental value of the contract for its entire duration amounts to (21,080,344.50) twenty-one million eighty thousand three hundred and forty-four riyals and fifty halalas (excluding value added tax). |
| Contract Details | Renting land in Al-Suwaidi neighborhood in Riyadh, with an area of 6,188.59 m2, for the construction and operation of an educational complex for a period of 25 years from the date of signing the contract. |
| Contract Duration | 25 years from the date of signing the contract, and the contract term includes a two-year grace period during which no rental fees are due. |
| Financial Impact and the Relevant Period | The financial impact of this contract is expected to begin upon project completion and operation. |
| Related Parties | nothing |
| Additional Information | The company will announce any material developments relating to the lease and the project in due course. |
OFOK Educational Co. Announces Contract Sign Off with Digital Encyclopedia Trading Company
AI Summary
- OFOK Educational Company signed a 25-year land lease agreement on June 22, 2026, with Digital Encyclopedia Trading Company to develop and operate the Horizon International Schools complex in Riyadh.
- The total contract value is SAR 21.08 million (excluding VAT), with an initial annual rent of SAR 739,000 that increases by 10% every five years.
- The project covers a 6,188.59 m2 site in the Al-Suwaidi district and includes a two-year grace period during which no rental fees are due.
- The financial impact of the agreement is expected to begin once the educational complex is completed and operations commence.
