SAIC, subsidiary buy SAR 12M commercial building in Riyadh for HQ

13/05/2024 Argaam

SAIC, subsidiary buy SAR 12M commercial building in Riyadh for HQ

Logo of Saudi Advanced Industries Co. (SAIC) 

Saudi Advanced Industries Co. (SAIC) and its subsidiary finalized the purchase of a commercial building in Riyadh from Arabian Romoz Co. in a deal worth SAR 12.04 million (excluding real estate transaction tax and brokerage fees).

 

The building, located in Al-Yasmeen District, is divided into two parts, covering 591 square meters (sqm). The first one has an area of 282.33 sqm and costs SAR 5.63 million. It will be the headquarters for Permanent Growth Investment Co., a wholly owned subsidiary of SAIC.

 

The second part covers an area of 308.33 sqm and costs SAR 6.42 million. It will serve as SAIC headquarters, according to a statement to Tadawul.

 

The deal is part of SAIC and its subsidiary's strategy to grow the company's assets and strengthen its financial position, the statement added.

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