Zoujaj signs 15-year land lease contract for SAR 2.5 mln annual rent

18/01/2023 Argaam

Zoujaj signs 15-year land lease contract for SAR 2.5 mln annual rent

Logo of National Company for Glass Industries (ZOUJAJ)

The National Company for Glass Industries (Zoujaj) announced signing a 15-year land lease contract with the Third Data Investment Co. for an annual rent of SAR 2.5 million, with an increase of 5% every three years.

 

In a filing to Tadawul, the company said the contract is effective 15 years from the signing date, with the possibility of renewing it for additional five years.

 

Third Data will establish a data center on the land, Zoujaj said, adding that the construction works are expected to start during the current fiscal year 2023.

 

The relevant financial impact will appear as of 2023, the company said.

 

It added that the deal does not have any related parties.

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