Riyadh – Mubasher: Enma Alrawabi Company recently leased one of its properties, the Rawabi Al Zahra Hotel, to Ahmed Mohamed Zuhdi Company, a one-person limited liability company, after it terminated the operating contract for the hotel on 30 October 2023.
Under the agreement, the Zuhdi company will manage and operate tourist accommodation at the hotel which is located in Madinah for three years.
The lease contract is worth SAR 28.50 million, with a duration period starting on 15 November 2023 and ending on 14 November 2026, the company said in a statement.
Meanwhile, the deal is expected to increase the annual income of Enma Alrawabi in the first half (H1) of 2024.
In January 2023, Enma Alrawabi signed a lease contract worth SAR 45.71 million with Saudi Mining Services Company (ESNAD) for a commercial asset located in Riyadh.