Riyadh – Alkhorayef Water and Power Technologies Company penned a lease contract worth SAR 41.68 million with Inma Alasima for Real Estate Development Establishment.

Alkhorayef Water will rent a new building in scheme No. 2413 in Al Sahafa District that is located in Riyadh to be used as the company's headquarters (HQ) for five years, according to a bourse disclosure.

It is worth noting that the contract's total value will be paid annually as SAR 8.33 million, starting from 1 April 2023

The agreement was signed and awarded on 2 October 2022. Meanwhile, the deal has started reflecting on the Saudi listed firm’s income statements in the fourth quarter (Q4) of 2022, which began this October.

Last September, Alkhorayef Water and National Water Company (NWC) sealed an operation and maintenance deal at a value of SAR 45.64 million.

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