The Clap Al Khorayef Group (2081) signed a building lease agreement with Inma Alasima for Real Estate Development for around SAR 41.69 million.
The Deets Al Khorayef reported that it would rent the building in the Al-Sahafa neighborhood in Riyadh as the HQ of the company’s management for 5 years, paying SAR 8.34 million annually starting April 1, 2023.
What Now The financial impact of the lease will be reflected in Q4 2022.
Al Khorayef Al Khorayef is executing more than 75 projects, covering 11 regions in KSA, in addition to the contracts signed for several projects to improve water quality.
The company expects revenues will reach about SAR 1.4 billion riyals by 2023.