The Arabian Centers Company announced that it had signed yesterday, Sunday, a lease and investment contract with the Municipality of Madinah Region for a vacant land for a period of 25 years starting after a grace period of 15 months from the date of signing Agreement.
The company said in a statement to the Saudi market (Tadawul), today, Monday, that the annual rent for the land is estimated at 1.07 million riyals, with a total value for the entire contract period of 26.67 million riyals. .
and she clarified that the purpose of renting the land is to establish an open-air shopping center project called Boulevard You Walk.
The centers added that they will invest and develop the land belonging to the Municipality of Medina, which is located on King Salman bin Abdulaziz Road intersection with King Abdulaziz Road, by developing it by establishing a shopping center. Open to it, as the company is expected to start developing the site during the current fiscal year.
The financial impact of signing this agreement will begin to appear on the company's financial statements, mainly on the balance sheet, starting from the third quarter of the fiscal year 2021 and ending on December 31, 2020.
