Clean Life signs SAR 7.9M contract to build employee housing

25/08/2024 Argaam
Logo ofClean Life Co.

Logo of Clean Life Co.

Clean Life Co. signed on Aug. 22 a construction contract with Asas Makeen Real Estate Development and Investment Co. to build housing for its employees in Al-Ramal neighborhood, Riyadh, a total value of SAR 7.9 million, excluding developer fees and value-added tax.  

 

For more news and details on the projects

 

In a statement to Tadawul, the company explained that the nine-month contract includes the implementation of the housing construction works on an area of ​​4,617.75 square meters. 

 

The financial impact, an increase in the value of assets and a reduction in the company’s rental costs, is expected to appear in the second half of 2025.

 

There is a related party to the deal, namely a member of the company’s board of directors, Abdulrahman Ibrahim Al-Hadlaq, who has an indirect interest in this contract in his capacity as a member of the board of directors of Asas Makeen, Clean Life pointed out, stressing that the contract was concluded within the context of normal business and did not include any preferential benefits.

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