AlSaif Stores announces purchase of commercial land in Riyadh at a value of SAR 13.5 mln

AlSaif Stores for Development and Investment Co. Announced on Tuesday the Purchase of commercial land in the Tuwaiq district in Riyadh, with a total area of 4,095.5 square meters, at a value of SAR 13,515,117, not including the real estate tax, to establish a commercial project that includes a branch of Al-Saif Gallery and other showrooms for rent to others.

The Company said today on Tadawul that the parties of the Transaction are:

The sellers are Mr./Abdulaziz bin Mohammad Swailem Al-Sharif

Mr. / Ahmed bin Mohammed Swailem Al-Sharif

Mr. Saud bin Mohammad Swailem Al-Sharif

Mr. / Ali bin Mohammed Swailem Al-Sharif

Buyer/Alsaif stores for development and Investment company, and the transaction funding method will be by Financing the purchase through the company’s own resources.

The company explained that the financial impact of this transaction will be reflected in the increase in the non-current assets item in the balance sheet for the first quarter of 2023.