NCLE to set up 3 educational complexes in Riyadh, Jeddah at SAR 168M
National Company for Learning and Education (NCLE) announced in a statement to Tadawul that its board of directors on May 25 approved a project to establish an educational complex at an estimated capacity of 2,000 students on the land plot located in Ishbiliyah district, Riyadh, at an estimated cost of SAR 51 million.
It also approved establishing another educational complex with an estimated capacity of 2,100 students, in Al Rabie district, Riyadh, at an estimated cost of SAR 57 million.
Additionally, NCLE will establish another educational complex at an estimated capacity of 2,100 students, in North Obhur District – Jeddah, at an estimated cost of SAR 60 million.
These investments came within the company's strategy to expand and grow its student base, to achieve growth and returns aligned with its strategic objectives.
The total estimated cost of the three projects includes construction works, air conditioning, elevators, theatre, furnishing, technical devices and other equipment for the educational complexes.
The projects will be funded through NCLE's internal resources and bank facilities, and construction work in the three projects will likely be complete during Q4 2025/2026, with the launch of the three projects as of academic year 2026/2027.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
34 minutes ago
- Asharq Al-Awsat
Saudi Arabia Strengthens Role of SMEs as Key Driver of Economic Growth
Saudi Arabia's small and medium enterprises (SMEs) are experiencing unprecedented growth, positioning themselves as a vital pillar in the Kingdom's efforts to diversify its economy and increase private sector participation, which are core goals of Vision 2030. According to the Q1 2025 report by the General Authority for Small and Medium Enterprises (Monsha'at), commercial registrations surged 48% year-on-year, reaching 154,640 new registrations in the first quarter alone. Active registrations climbed to 1.68 million, reflecting a 6% annual increase. As part of the Kingdom's accelerating digital transformation, over 41,000 active businesses now operate in e-commerce. Notably, 45% of active commercial registrations are women-owned, highlighting growing female participation in the national economy. Support from Monsha'at has been crucial to this expansion. Nearly 9,850 companies benefited from SME support centers, and over 1,400 received assistance from innovation hubs. The flagship Tomouh (Ambition) program, launched in 2017, has played a central role in financing high-growth companies, facilitating 34 listings on the parallel equity market (Nomu) with a combined market value of $450 million in 2025 alone, from a total supported portfolio of $6.6 billion. To date, Tomouh has funneled more than $15.7 billion into startups and SMEs, cementing Saudi Arabia's status as an entrepreneurial hub. Flexible Financing and Government Support In Q1 2025, the SME Bank expanded debt-based crowdfunding and launched a new 'agency model' in partnership with fintech platforms. This initiative provided flexible financing between $13,300 and $266,000, disbursing $23.4 million in its initial phase, with a target of $64 million. The Kafalah loan guarantee program also saw major expansion, issuing $3.7 billion in guarantees to 5,346 SMEs, facilitating total funding of $4.8 billion, a 17% rise from 2023. Craft industries also surged in 2025, driven by global demand for cultural goods, e-commerce growth, and initiatives like 'Made in Saudi' and 'Year of Handicrafts,' which improved artisans' access to finance, training, and global markets. The global handicraft market reached $1.22 trillion in 2025. Sector Breakdown and Impact Spokesperson Badr Al-Qadi told Asharq Al-Awsat that Riyadh accounted for 39% of commercial registrations, followed by Makkah (17%) and the Eastern Province (16%). Key growth sectors include manufacturing, fintech, tourism, entertainment, health, and e-commerce. Initiatives like Tomouh, the Nawafeth app for easy access to support services, the Jadeer procurement tool, and Monsha'at Academy for skills development have further empowered entrepreneurs. By end-2024, SMEs employed 7.86 million people, surpassing employment targets. Their contribution to GDP hit 21.9% in 2023, exceeding the 20.2% target - even amid oil production cuts - and attracting 30% of regional venture capital investment. With robust funding channels, digital integration, and inclusive policies, Saudi Arabia is advancing steadily toward making SMEs a cornerstone of its national economy and Vision 2030 strategy.
Argaam
an hour ago
- Argaam
Yaqeen Capital signs agreement with Al Mozaini to arrange listing on Nomu
Yaqeen Capital signed on June 4 an agreement with Hamad & Ahmed Al Mozaini Real Estate Co. to arrange the initial public offering (IPO) of its shares and subsequent listing on the parallel market – Nomu. In a statement to Tadawul, the company said that the offering and listing of shares will go through several phases, starting from the signing date of the agreement and continuing until obtaining approvals from the Capital Market Authority (CMA) and the actual listing of the shares on Nomu. For More IPOs Yaqeen will generate financial revenues from this agreement, depending on the progress of the various stages, obtaining CMA approval, and the successful completion of the offering and listing. Upon completion of all stages, the revenues generated from the transaction will exceed 5% of Yaqeen Capital's total revenues, based on the latest audited annual financials for 2024, the statement added.
Arab News
2 hours ago
- Arab News
Egypt allocates Red Sea land for issuing bonds and lowering debt
CAIRO: Egypt has allocated a 174 square km plot on the Red Sea coast to the finance ministry for use in Islamic bond issuances and in efforts to lower the country's public debt, the official gazette said on Tuesday. The gazette did not elaborate on how the land would be used, but Egypt, which has been mired in a slow-burning economic crisis, signed a $35 billion deal with the UAE early last year to develop a 170-square-km tract along the Mediterranean coast. Since then, Egypt has been seeking similar large-scale investments as it tries to overcome the economic crisis. It has been in talks with Saudi Arabia, Qatar, and Kuwait in a bid to attract major investments, according to investment bankers and news reports. In tandem, Egypt also plans to issue $2 billion in sukuks, or Islamic bonds, in 2025, Finance Minister Ahmed Kouchouk told Reuters in April.
