Riyadh – Banan Real Estate Company renewed the lease agreement with Etihad Etisalat Company (Mobily) for the Oval office building in Olaya district which is located in the capital of Saudi Arabia for five Hijri years.

Upon the contract that was signed on 7 November 2023, Banan Real Estate will be renting its fully-owned building for a total value of SAR 62.01 million, according to a statement to the Saudi stock market.

Mobily will be paying an annual instalment of SAR 12.40 million during the contract duration, which starts on 10 November 2023 and ends on 15 September 2028.

The company expects the renewed lease agreement to have a positive financial impact on its revenues and results starting from the fourth quarter (Q4) of 2023.

In July 2023, Banan Real Estate announced its plans to move from the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) to the main market All Share Index (TASI).

It is worth noting that during the first nine months (9M) of 2023, Mobily generated net profits worth SAR 1.48 billion.

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