Mufeed leases media studios at Imam University for SAR 7.6M

Logo of Mufeed Co.

Mufeed Co. signed today, Feb. 13, a lease agreement for media studios at the university campus with Imam University Endowments Co.

The three-year contract is valued at SAR 7.6 million, inclusive of VAT, the company said in a statement to Tadawul.

For more news on listed companies

The company will pay SAR 2.3 million in the first year, SAR 2.53 million in the second year, and SAR 2.78 million in the third year. The installments will be paid every six months.

The lease covers media studios equipped with TV broadcasting vehicles, satellite transmission facilities, and special transport vehicles.

Mufeed will manage and operate these studios to the highest global standards for media production. The agreement also includes a designated media studio site, as per the approved educational zone layout, along with TV broadcasting vehicles.

Imam University will be entitled to 25% of the total rental revenue if Mufeed leases the transmission vehicles outside the university campus, the statement said.

Mufeed said the contract aligns with its long-term vision and expansion strategy, supporting operational growth and enhancing financial performance.

The company expects the agreement to have a positive financial impact on its H1 2025 results.