Description of the event:
Wasatah Capital Company, in its capacity as the manager of the AlWaha REIT Fund, announces the signing of a maintenance contract with Abnyati Investment Company (owned by a related party) to provide maintenance services for Shahd Commercial Center and Al-Nakheel Residential Building. The contract is for a duration of one year, ending in January 2026, with a total amount of SAR 289,800 excluding VAT. This represents 1.45% of the total revenues of the fund based on the audited financial statements for the year ending 2023.
The Impact Caused by the Event:
The event will improve building services and increase efficiency
Additional Information:
Abnyati Investment Company is 55% owned by Shumou Commercial Investment Limited (major shareholders and managers of some of the fund’s properties, as disclosed in the fund’s terms and conditions).
