Al-Baha's unit inks SAR 27 mln lease contract for industrial land in Riyadh to build office building, warehouse

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co.’s subsidiary, Elegant Centers Co. Ltd., signed today, Nov. 20, a SAR 27.03 million lease contract for a 25,060 square-meter industrial land in Riyadh to build an administrative building and a warehouse on it, according to a statement to Tadawul.

The contract, which is aimed at diversifying Al-Baha's sources of income and increasing its revenues, is valid for 10 years, starting from Dec. 1, 2022. Saudi Modern Factory Co. is the lessee, the statement said.

The relevant financial impact will likely appear in 2023, with no related parties to the deal, it added.

Last week, Al-Baha announced that Elegant Centers purchased a land plot, valued at SAR 24 million, excluding real estate transaction tax, on which an administrative building and a warehouse were built in Riyadh’s industrial area, Argaam earlier reported.