Al Othaim Markets Signs SAR 331.5 Mln Lease Renewal for Dammam Land

Abdullah Al Othaim Markets Company announced on Tuesday the signing of a contract with the General Organization for Social Insurance to lease land in Dammam for the construction of a commercial shopping mall.

According to the company’s statement on Tadawul, the contract is valued at SAR 331.5 million, excluding VAT. The new lease will commence in June 2028, following the expiration of the current contract, and will span 15 years.

The leased land covers an area of 50.4 thousand square meters, with an annual rent of SAR 20 million, subject to a compound increase of 5% every three years.

This transaction will be presented to the general assembly of shareholders for approval, in accordance with applicable regulations, due to the involvement of a related party, Board Member Mr. Bandar Nasser Hamad Al Tamimi.