Enma AlRawabi sells property in Riyadh for SAR 21.1M

26/06/2025 Argaam
Logo ofEnma AlRawabi Co.

Logo of Enma AlRawabi Co.

Enma AlRawabi Co. sold its commercial building in Al Namouthajiyah, Riyadh, to AlNaseehah AlOula Investment Co. for SAR 21.05 million, the company said in a statement to Tadawul.

 

The 948-square-meter (sqm) property is leased to Basamh Trading Co. Ltd. (a one-person company) under a 10-year agreement. The asset’s book value stands at SAR 8.55 million.

 

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Development began in August 2023 and was completed by year-end 2024, with total costs, including land, amounting to SAR 8.55 million, the statement added.

 

A lease contract was signed for 10 years, from April 15 to April 14, 2035, with a total rental value of SAR 13.6 million.

 

The deal aims to strengthen the company’s financial position and reallocate assets, with sale proceeds earmarked for future growth plans.

 

Board members Fahad Al-Mousa, Abdulaziz Al-Mousa, and Ahmed Al-Mousa also sit on Al Naseeha Al Oula’s board, making it a related-party transaction.

 

The company expects the sale to positively impact its financials by increasing net profit and enhancing liquidity.

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