AL Wasatah Al Maliah (Wasatah Capital) Announces the Occurrence of Specific Event to SICO Saudi REIT Fund

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Description of the EventAL Wasatah Al Maliah (Wasatah Capital), in its capacity as the Fund Manager of SICO Saudi REIT, announces the signing of new lease agreements with Moro International Company for three hospitality towers (Eskan 4, 5, and 6) and a number of shops, for a period of 3 years from 1 January 2026 until 31 December 2028G (with the exception of shop No. 4, which will commence on 18 July 2026G).

Annual rental values by asset:
Eskan 4 (with 3 shops): SAR 6,050,000 per year
Eskan 5: SAR 4,300,000 per year
Eskan 6 (with 5 shops): SAR 3,850,000 per year

Shop No. 4:
SAR 22,745.90 per year for 2026
SAR 50,000 per year for 2027G–2028G

Net rental value (Excluding VAT):
SAR 14,222,745.90 per year for 2026
SAR 14,250,000 per year for 2027G and 2028G

Total annual rental value (Including VAT):
SAR 16,356,157.79 per year for 2026G
SAR 16,387,500 per year for 2027G and 2028G

Total contract value for the full duration:
Net Excluding VAT: SAR 42,722,745.90
Gross Including VAT: SAR 49,131,157.79

Financial ImpactThe financial impact is expected to be positive for the Fund, given that the current lease contracts for the hospitality towers will expire on 31/12/2025G. The new lease agreements will result in an increase in the annual rental value for all towers and their associated retail shops from SAR 9,650,000 to SAR 14,250,000, representing an increase of 47.67%, which is expected to positively impact the Fund’s revenues over the contract period.
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