SAVOLA SIGNS SAR 134M CONTRACT FOR ITS HEADQUARTERS IN JEDDAH

The Savola Group signed, on Monday April 23, 2012, a contract with Adeem National Construction and Development Company to purchase the East Tower of The Headquarters Business Park, located in the Ashati District on Corniche Road, North Jeddah. The Business Park project consists of two towers, East and West . The Savola Group Headquarters will be situated in the East Tower,facing Prince Faisal bin Fahad Street and consists of sixteen floors, including the ground floor, with a total area of 13,404 square meters, not including some common areas.
The total value is Saudi Riyal 134 million to be paid in three installments. The first installment of 60% represents what has been constructed to date and payable on signing and remaining two installments of 20% each will be paid according to the stages of deliverables as per the Contract. The East Tower will be handed over to The Savola Group by the end of May 2013, at that point of time the ownership will be transferred to The Savola Group. The purchase will be self-financed.
Dr. Abdulraouf M. Mannaa, Managing Director of The Savola Group said that this project will unify Corporate Headquarters and its Operating Companies Offices, reducing costs of administrative expenses and rent, managing the processes effectively and foster team-work. Furthermore, any remaining space in the Tower will be as an investment for The Group.