Riyadh — Mubasher: Inmar Real Estate Development and Investment Company has signed a lease agreement for the Rawabi Al Zahra Hotel in Madinah with Rawabi Al Zahra Hotel Services Company.
The contract is valued at a total of SAR 39.10 million, inclusive of value-added tax, according to a bourse filing.
Under the terms of the agreement, the property will be leased for a duration of two years at an annual rental rate of SAR 19.55 million.
Meanwhile, the contract covers the lease of the entire property and its facilities for the purpose of hotel operations and utilization.
Inmar stated that the primary objective of the transaction is to optimize the use of the real estate asset, increase overall revenues, and enhance the performance efficiency of its property portfolio.
The listed company expects the deal to have a positive financial impact on its portfolio revenues and corporate profitability, confirming that there are no related parties involved in the transaction.
