Lamast finalizes construction works in Yanbu new branch

Logo of Lamasat Co.

Lamasat Co. announced the completion of all works for its project in the Royal Commission in Yanbu City (RCJY), which is represented in a new branch on a land plot leased from the commission.

The company also said that the necessary licenses have been obtained to commence project operation, according to a statement to Tadawul.

The branch is set to be inaugurated and start receiving customers by Jan. 18, 2026, it added.

The company further stated that the opening of the second branch in Yanbu comes in accordance with the expansion plan set by its board of directors for strengthening its footprint in the market, expanding its customer base, and increasing its market share in the services sector, in line with its strategy for growth and achieving sustainable returns for shareholders.

The related financial impact of the project is expected to be reflected in Q2 2026, it noted.

According to data available with Argaam, Lamasat signed on Feb. 7 an investment agreement with the Royal Commission for Jubail and Yanbu (RCJY) to lease a commercial land plot in Yanbu for 20 years to establish a new branch.