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ENMA ALRAWABI

17 October, 2024 15:54

Enma Alrawabi Company announces the signing of a lease agreement for the Rawabi Zamzam Hotel with Al-Andalus Company, for Maintenance, Management, and Operation of Hotels and Residential Palaces

Element ListExplanation
Transaction Details The signing of a lease agreement for the Rawabi Zamzam Hotel in the holy city of Mecca for a period of six (6) years between Enma Alrawabi Company and Al-Andalus Company, for Maintenance, Management, and Operation of Hotels and Residential Palaces for the annual rent of SAR 13,800,000 (Thirteen million, eight hundred thousand Saudi riyals), inclusive of value-added tax.
Transaction Amount SAR 82,800,000 (Eighty-two million, eight hundred thousand Saudi riyals) inclusive of value-added tax.
Transaction Conditions The property is leased with all its contents in accordance with the terms, conditions, and stipulations agreed upon by the two parties for the purpose of using and benefiting from the property as a hotel.
Parties of the Transaction 1. Enma Alrawabi Company. 2. Al-Andalus Company, for Maintenance, Management, and Operation of Hotels and Residential Palaces.
Date of Entering Into The Transaction 2024-10-17 Corresponding to 1446-04-14
Description of Activity of The Asset Subject of The Transaction Asset lease.
Transaction reasons The purpose of this transaction is to optimize the utilization of the property subject to this agreement by increasing revenues and enhancing the performance efficiency of the real estate portfolio.
Expected Impact of the Transaction on the Company and Its Operations Greater utilization of the property will have a positive impact by increasing the real estate revenues of the asset subject to this agreement. The property has been leased for a 50% increase compared to the previous contract. This contract will have a positive financial impact that will be reflected in the company's revenues and results starting from the fourth quarter of 2024 up to the second quarter of 2030.
Related Parties No related parties.

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