Jahez buys property worth SAR 150M in Riyadh

Logo of Jahez International Company for Information System Technology 

Jahez International Company for Information System Technology purchased a property worth SAR 150 million in Al Muhammadiyah district, Riyadh, according to a statement to Tadawul.

The company will finance the deal with banking facilities worth SAR 105 million. The remaining SAR 45 million will be paid from the company's own funds, the statement added.

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Jahez Group has witnessed a huge expansion in operations over the past years, accompanied by a significant growth in the number of employees. Therefore, the company's board of directors 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.

The company explained that its decision to purchase instead of renting was mainly driven by the unprecedented rise in prices in office property leasing, in line with the growth in Saudi Arabia's economy.

Jahez expects the deal will increase non-current assets and expand its operations. It noted that there are no related parties.