Saudi: Alandalus Property inks $30.4mln lease agreement for 5 years

The rental period will commence four months after the signing of the handover minutes

Staff Writer, Mubasher

March 21, 2024

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Riyadh – Alandalus Property Company has signed a SAR 114.33 million lease agreement with the Expenditure and Projects Efficiency Authority to rent the Yasmine Alandalus office building for five years.

The rental period will commence four months after the signing of the handover minutes, according to a bourse filing.

Earlier this week, Alandalus Property’s board approved appointing a new Chairman and a Vice Chairman.

The Tadawul-listed company reported a 45.45% YoY plunge in net profit to SAR 36.42 million in 2023 from SAR 66.77 million.

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