Tihama subsidiary signs contract with GACA to lease retail unit at Jeddah airport

Logo of Tihama Education

Tihama Advertising and Public Relations Co.’s subsidiary, Tihama Education, signed a contract with the General Authority of Civil Aviation (GACA) to lease the third of the six retail units at King Abdulaziz International Airport, Jeddah.

The company said in a bourse filing that the total contract value for a period of five years exceeds 10% of the company's net assets.

The five-years contract term starts from the date of handover of the units.

Tihama will operate the awarded units across the airport under the WH Smith Brand franchise. These units will serve passengers across the terminals, including departures, arrivals as well as domestic and international travelers. 

The opening of the units in Jeddah will further develop its successful partnership with WH Smith extending the portfolio, which already includes operations in Riyadh airport and across the UAE.

The financial impact is dependent on sales performance for the period between commencement of operations and end of the contract, which will be reported in the quarterly financials.

There are no related parties to the contract.

Founded in 1792, WH Smith is now one of the world’s leading travel retailers operating over 1,100 stores in 31 countries.