Enma Al Rawabi signs SAR 45.7 mln lease for commercial building in Riyadh

03/01/2023 Argaam
Logo ofEnma AlRawabi Co.

Logo of Enma AlRawabi Co.

Enma Al Rawabi Co. signed, on Jan. 2, a  SAR 45.71 million contract (inclusive of VAT) with Saudi Mining Services Co. (ESNAD), to lease a commercial building located on Takhassusi Street, Olaya district, Riyadh, the company said in a statement on Tadawul.

 

The five-year contract will be effective as of May 15, 2023.

 

The project aims at increasing the company’s annual income by SAR 2.1 million for each of the contract first three years, and by SAR 3.23 million for the following two years, the statement added.

 

The financial impact is to be reflected on H1 2023, Enma Al Rawabi expected, pointing out that there are no related parties to this contract.

 

Substantial developments related to this project will be disclosed promptly, the company noted.

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