Court orders Motoon Tower ex-tenant to pay SAR 13.8M: Derayah REIT

Logo of Derayah REIT Fund

Derayah Financial Co., the fund manager of Derayah REIT Fund, said it received a notice from the fund’s legal counsel in Kuwait regarding a final court ruling.

The final ruling was issued by the Kuwait Court of Appeals in the case filed by the fund against Al Amalayah Co. for Hotels, the former tenant of Motoon Tower in Riyadh, the fund manager said in a statement to Tadawul.

The ruling was issued by the Kuwait Court of Appeals in the case filed by the fund against Al Amalayah Co. for Hotels, the former tenant of Motoon Tower in Riyadh, which was ordered to pay SAR 13.76 million in unpaid rent to the fund.

The impact will reflect according to the outcome of the legal and regulatory procedures and the collection of the amounts, the fund manager said in a statement to Tadawul.

In May, Derayah REIT said an appealable ruling was issued in the same case, ordering the tenant to pay SAR 13.76 million to the fund.