Al-Baha’s subsidiary signs SAR 31.2 mln lease contract with Tamimi Markets

20/08/2020 Argaam

 

Al Marakiz Al Raqiyah Ltd, a subsidiary of Al-Baha Investment and Development Co., signed on Aug. 19 a supermarket lease agreement worth SAR 31.19 million with Tamimi Markets in Riyadh.

 

The deal value covers the lease, service fees, and value-added tax (VAT). The 21-year lease agreement will be valid from Jan. 1, 2021 to Dec. 31, 2041, Al-Baha said in a bourse statement.

 

The agreement can be renewed upon mutual agreement with a 10% increase of the deal value.

 

A positive financial impact is expected to show as of Q1 2021, the company added, noting that there are no related parties to the deal.

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