Riyadh – Mubasher: Elegant Centers, an 86.96% owned subsidiary of Al Baha Investment and Development Company, has signed a contract with Tamimi Markets Company to lease a supermarket at one of its shopping malls in Riyadh.

The contract is valued at SAR 31.19 million, including the rent value, services charges, and the value-added tax (VAT), according to a bourse filing on Thursday.

The deal comes into effect as of 1 January 2021 and ends on 31 December 2041, renewable with the consent of the two parties with an increase of 10% from the original contract value.

Moreover, the financial impact of the transaction will reflect as of 1 January 2021, the statement concluded.