Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company bought a new building in Riyadh from Inma Alasima for Real Estate Development Establishment at a value of SAR 86.25 million.

Alkhorayef Water noted that the purchase deal will be financed through facilities from Saudi Investment Bank (SAIB), according to a bourse disclosure on Sunday.

The building, which will be used as Alkhorayef Water’s headquarters (HQ) in Al Sahafa District, spans 1,800 square metres and consists of 10 floors.

The Tadawul-listed firm pointed out that the transaction will have a positive impact on its non-current assets in the income statements which will end on 31 December 2022.

Alkhorayef Water will disclose further developments regarding the transaction in due time.

Last October, the two companies signed a lease agreement worth SAR 41.68 million.

It is worth noting that in the first nine months (9M-22) of 2022, SAIB logged net profits worth SAR 1.15 billion, an annual leap of 49.25% from SAR 775.60 million.