Taiba Holding Co.’s subsidiary, Akik, signed a SAR 230 million contract with Elaph Hotels to rent Akik’s housing complex near the holy sites in Madina.
Akik, which is 89.9 percent owned by Taiba, will be paid in installments over seven and a half years starting January 1.
The financial impact will be reflected starting in the third quarter.
Akik’s al-Majidi complex is built over 3,000 square meters and consists of 21 levels across the northern side of Prophet Mohammed Mosque.
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