Riyadh — Mubasher: Tourism Enterprise Company (Shams) announced the signing of a lease investment contract with Nokhbat Al Malqa Hotel Company for a 17-story hotel located in the Al Sahafa district of Riyadh.
The total value of the 10-year agreement is SAR 31.10 million, including value-added tax, according to a bourse filing.
Under the terms of the contract signed on 15 October 2026, the annual rent is set at SAR 2.80 million for the first and second years.
Meanwhile, the rate increases to SAR 3 million for years three through five, and subsequently rises to SAR 3.30 million from the sixth year until the end of the term.
However, the lease period begins on 1 January 2027, following a grace period that starts on 15 October and ends on 31 December 2026.
Shams noted that it will manage the operations of the fully equipped facility as part of its new strategic shift to expand beyond the Eastern Province and diversify income sources.
The listed entity expects the financial impact of this agreement to be positive, with results appearing in the company’s financial statements starting from the first quarter (Q1) of 2027.
The company clarified that there are no related parties involved in the transaction.
