| ELEMENT LIST | EXPLANATION |
|---|---|
| Introduction | In reference to the Company’s announcement of October 26, 2020, in which the Company stated that the purpose of selling the land plot adjacent to Alandalus Mall in Jeddah to Alahli REIT 1 Fund (related party in which the Company owns 68.72% of its units) is for the Fund to expand Alandalus Mall (one of the Fund's assets), and increase parking spaces therein , which will add – according to the project business study about to 15000 m2 of additional GLA
The Company announces that it has signed a development contract with Alalhli REIT Fund 1 in respect of the aforementioned expansion project. |
| Date of Announcement of the Award | 2021-12-14 Corresponding to 1443-05-10 |
| Contract Subject Matter | Development contract to expand and construct parking lots at Alandalus Mall in Jeddah |
| Date of Signing the Contract | 2021-12-14 Corresponding to 1443-05-10 |
| Contract Value | The estimated cost of project development is SR 131 Million.
The fee payable to the Company will be 10% of the development cost, subject to SR 11.5 Million as maximum. |
| Contract Details | Under the development contract, the Company will undertake the parking expansion and construction works at Alandalus Mall in Jeddah through qualified contractors. In return, the Company will receive an agreed fee rate 10% of the development cost. |
| Contract Duration | The period expected to complete the development work is 130 weeks following the date of contract. |
| Financial Impact and the Relevant Period | This contract will have a positive impact on the company's results, and the financial impact will appear during the upcoming financial periods and according to the implementation of the project's work. |
| Related Parties | Alahli REIT Fund 1 |
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