SAL Saudi Logistics announces the signing of a mutual agreement with Taiba Airports Operation Co. Ltd.

SAL Saudi Logistics announces the signing of a mutual agreement with Taiba Airports Operation Co. Ltd.

Element List

Explanation

Introduction

SAL Saudi Logistics announces the signing of a mutual agreement with Taiba Airports Operation Company Ltd. For the lease of land at Prince Mohammed bin Abdulaziz International Airport in Al-Madinah al-Munawwarah.

Transaction Details

leasing land of 7,500 square meters (3,500 actual square meters and 4,000 square meters reserved) for a period of 16 years.

Transaction Value

SAR 420,000 per year, or a percentage of the revenue, whichever is higher, so that the percentage of the revenue is 2% for the first ten years and 2.5% for the rest of the contract period.

Transaction Terms

A mutual agreement for a period of 3 months during which SAL is committed to signing a lease contract for a period of 16 years. The lease is for a land area of 3,500 square meters plus 4,000 square meters reserved for 3 years for the benefit of SAL for the purpose of expansion if needed.

Parties of the Transaction

Tenant: SAL Saudi Logistics Co. Lessor: Taiba Airports Operation Ltd.

Transaction Execution Date

2024-03-21 Corresponding to 1445-09-11

Description of the Business of the