Tihama unit signs MoU to finalize 14 retail branches with Cluster 2 Airports

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. announced that its subsidiary, Tihama Education Co., signed today, Feb. 20, a non-binding memorandum of understanding (MoU) with Cluster 2 Airports Co. to finalize the contract to launch 14 retail branches in airports, according to a statement to Tadawul.

The retail branches will be operated under the WH Smith brand at airports operated by Cluster 2 Airports in Saudi Arabia. The lease contracts are for three years.

The MoU will be effective from the signing date for a period of four weeks. In the event of signing lease contracts, the MoU will be replaced by the contracts and appendices.

The value of these contracts will be agreed upon between the two parties as per the available spaces and lease fees.

The MoU, in the event of the conclusion of rental agreements for retail units, will expand the range of units operated under the WH Smith brand franchise, which includes retail units at King Abdulaziz International Airport in Jeddah and King Khalid International Airport in Riyadh.

Cluster 2 Airports Co. manages and operates 22 regional, local and tourist airports in the Kingdom.

Tihama said that the related financial impact will be announced upon signing the lease agreements in the event of reaching final agreements.