Riyadh – Mubasher: Al Saif Stores for Development and Investment Company (Alsaif Gallery) sold a commercial building in Riyadh City at a total amount of SAR 97 million, according to a bourse filing.
Located in Al Arid District, the building has an area of 4,150 square metres, with an asset book value of SAR 53.76 million.
The lease agreement for the Al Saif Gallery branch will be extended for 20 years, starting from 1 January 2025.
The company will use the proceeds to reinforce its financial position and future orientations. This is in addition to developing complementary activities that support its strategy.
Alsaif Gallery launched its first branch in Qatar this year, which marked its seventh branch in the GCC countries.
