Riyadh – Mubasher: Jahez International Company for Information System Technology purchased real estate in Riyadh at a value of SAR 150 million, according to a bourse statement.

Located in Almohammadiyah district in Riyadh, the land has a commercial building under construction.

Jahez and Wathbah Investment Company entered into the deal on 12 June 2024. The transaction will be financed from banking facilities for the value of SAR 105 million, with the remaining payment of SAR 45 million be paid through the listed company's resources.

The agreement will increase Jahez’s non-current assets and boost its operations.

The group has witnessed a huge expansion in operations over the past years, accompanied by a growth in the number of employees.

Hence, the board members decided to acquire the property as a new headquarters for the company in line with the size of its activities and the increasing number of its employees.  

Last year, Jahez rolled out plans to expand its business in Kuwait and across the GCC.