Taiba Investments’ subsidiary terminates deal with Elaf Hotels

The deal covered leasing out Al Majeedi Residential Center

  
Image used for illustrative purpose. Man talking on the phone in hotel room.

Image used for illustrative purpose. Man talking on the phone in hotel room.

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Riyadh – Mubasher: Taiba Investments Company said its fully-owned subsidiary Al Aqeeq Real Estate Development Company has ended a lease agreement with Elaf Hotels Company, according to a bourse filing on Monday.

The deal covered leasing out Al Majeedi Residential Center, which is owned by Taiba, in Madinah Central Area.

The termination is effective as of 1 January 2021, therefore, the centre will be directly operated by Al Aqeeq.

The impact of ending the lease agreement will reflect on Taiba Investments and Al Aqeeq’s financial results in the second quarter (Q2) of 2021.

It is worth mentioning that the listed firm had completed the acquisition of Al Aqeeq in 2019.

Source: Mubasher

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