Riyadh – Mubasher: Emaar The Economic City Company has signed a rental contract with Saudi Airlines Real Estate Development Company at a value of SAR 32.35 million.
Under the 20-year contract, Saudi Airlines will lease office spaces at Bay Views Business Park in King Abdullah Economic City, according to a bourse filing on Sunday.
Meanwhile, the listed company expects that the contract would reflect on its financials from 2022 to 2042.
It is worth noting that in the first quarter (Q1) of 2022, Emaar The Economic City registered net losses after Zakat and tax of SAR 160 million, an annual plunge of 17.52% from SAR 194 million.
