Atlas Elevators Extends Land Rights, Signs Lease with MODON

Atlas Elevators Co. for General Trading and Contracting announced on Sunday that its 99%-owned subsidiary, Atlas National Elevators Co., has signed an agreement with Saudi Kuwaiti Furniture Manufacturing Co. to acquire usufruct rights to industrial land and purchase the buildings on it.

The company also signed a 20-year lease agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) for a plot covering 11,250 square meters in Riyadh’s Second Industrial City. The annual lease fee is SAR 45,000.