Banan subsidiary renews two SAR 2.2M lease contracts

09:44 AM (Mecca time) Argaam
Banan expects a positive financial impact starting from Q1 2026

Banan expects a positive financial impact starting from Q1 2026

Banan Real Estate Co.’s subsidiary, Al-Aziza Investment and Real Estate Development Co., renewed its contracts with Arabian Co. for Fan Manufacturing for SAR 2.23 million, inclusive of value-added tax (VAT).

 

In a statement to Tadawul, the company said the renewed contracts include a one-year lease for workshops in Riyadh and Buraydah, starting on Jan. 1, 2026, and ending on Dec. 31, 2026.

 

The contracts also include a two-year lease for an office in Al-Huqbani Commercial Building, commencing on Jan. 1, 2026.

 

The company noted that the award and signing of the contracts took place on Jan. 13.

 

Chairman Abdul Mohsen Al-Hakbani, Vice Chairman Ahmed Al-Hakbani, and board member Faisal Al-Hakbani are related parties, the statement added.

 

Banan expects the contracts to have a positive financial impact on the company’s revenues and results starting from Q1 2026.

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