Tihama Advertising, Public Relations and Marketing Company announces that its subsidiary (Tihama Education) has signed a contract with the General Authority of Civil Aviation to lease 1 of the awarded 6 retail units in the King Abdulaziz International Airport, Jeddah.

21 November 2021 03:24 PM

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Element List	Explanation
Introduction	Tihama Advertising, Public Relations and Marketing Company announces that its subsidiary (Tihama Education) has signed a contract with the General Authority of Civil Aviation to lease the third of the awarded 6 retail units in the King Abdulaziz International Airport, Jeddah. Tihama will operate the awarded units across the airport under the WH Smith Brand Franchise. These units will serve passengers across the terminal including, departures, arrivals as well as domestic and international travelers. The opening of the units in Jeddah further develops Tihama’s successful partnership with WH Smith extending the portfolio which already includes operations in Riyadh Airport and across the UAE. Founded in 1792, WH Smith is now one of the world’s leading travel retailers operating over 1,100 stores in 31 countries.
Date of Announcement of the Award	2019-09-15 Corresponding to 1441-01-16
Contract Subject Matter	Lease of one unit for retail at the newly opened King Abdulaziz International Airport in Jeddah.
Date of Signing the Contract	2021-11-21 Corresponding to 1443-04-16
Contract Value	The total contract value over the five years exceeds 10% of the net assets of the company
Contract Details	A contract for the lease and operation of one retail units at the newly opened King Abdulaziz International Airport in Jeddah.
Contract Duration	The duration of the contract is five Gregorian years starting from the date of units handover.
Financial Impact and the Relevant Period	Dependent on sales performance for the period between commencement of operations and end of the contract, which will be reported in the quarterly financials.
Related Parties	None

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