Abdullah Al Othaim Markets renews two lease contracts in Dammam: Tadawul-listed food retailer Abdullah Al Othaim Markets renewed two 15-year lease agreements with Abdullah Al Othaim Investment with a combined value of SAR 666.9 mn to continue operating in a commercial complex in Dammam. Both contracts will take effect in June 2028 upon the expiry of the current leases.

The first agreement covers the entire commercial complex, valued at SAR 633.7 mn — SAR 39 mn annually, with a 4% compounded increase every three years — it said in a disclosure to Tadawul.

The second contract covers a showroom in the same complex, valued at SAR 33.2 mn — with an annual rent of SAR 2.1 mn — according to a separate disclosure. Both contracts will be submitted to shareholders for approval.

ALSO- The food retailer inked a non-binding MoU with Al Musbah Group to acquire a 51% stake in Ebdaa Al Qasr Marketing, which owns and operates 11 branches of Manuel Market in Riyadh and Jeddah.

ICYMI- Abdullah Al Othaim Investment Company is planning to debut on the stock market this year, having tapped financial advisor Saudi Fransi Capital. Proceeds will fund three ongoing projects and 14 new projects.

IN OTHER REAL ESTATE NEWS-

Sumou Real Estate landed a SAR 680 mn contract to develop over 900 residential villas in Zone O2 of the Makkah Gate project, it said in a disclosure to Tadawul. Updates will be announced once the sub-development contract with the National Housing Company is signed, it added.

REMEMBER- The company signed two contracts in February with the Saudi Railway Company totaling SAR 64.4 mn to develop the Al Malaz project in Riyadh and the Arina project in Dammam. In January, Sumou Real Estate Company, Al Jazira Capital, and Sumou Global Investment signed a contract to establish a real estate investment fund to acquire and develop lands in the Kingdom, with a project pipeline valued at upwards of SAR 2 bn.

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