Arab Sea inks contract with board member to acquire SAR 59M office tower

Contract signing

Arab Sea Information Systems Co. signed today, Aug. 19, a contract to purchase an office tower owned by board member Mohammed Al-Suhaibani to be the headquarters (HQ) of the company and its subsidiaries, for SAR 59 million, excluding the real estate transaction tax, according to a statement to Tadawul. 

 

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Under the agreement, the amount will be paid in 10-year installments, with payments starting on Jan. 1, 2025, the statement added. 

 

In June, Arab Sea's board of directors proposed the purchase of the tower for SAR 59 million, excluding the real estate transaction tax, to be the HQ of the company and its subsidiaries, Argaam’s data indicated. 

 

The 23-storey building covers a total area of 6,510 square meters, located in Al-Sahafa District, Northern Riyadh. 

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