Tihama's unit signs contract with GACA to lease 2 retail units in Jeddah airport
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Logo of Tihama Advertising, Public Relations and Marketing Co.
Tihama Advertising, Public Relations and Marketing Co.'s subsidiary, Tihama Education Co., signed today, April 20, 2021, a contract with the General Authority of Civil Aviation (GACA) to lease two of the six retail units awarded at King Abdulaziz International Airport, Jeddah.
The two units will be operated under the WH Smith brand franchise, the company said in a bourse filing.
The units will be located in check-in, and arrivals areas will serve passengers across the terminal, including departures and arrivals of domestic and international travellers.
The total value of the five-year contract exceeds 10% of the company's net assets as of Dec. 31, 2020.
The opening of the units will strengthen Tihama's partnership with WH Smith, extending the portfolio that already includes operations in Riyadh Airport and across the UAE.
The financial impact will depend on sales performance for the period between the commencement of operations and the contract expiry, which will be reported every quarter.
Founded in 1792, WH Smith is now one of the world's leading travel retailers operating over 1,100 stores in 31 countries.