Raoom signs contract to acquire land lease from MODON

Logo of Raoom Trading Co.

Raoom Trading Co. said it signed an agreement to acquire a lease contract for land owned by the Saudi Authority for Industrial Cities and Technology Zones (MODON) in the First Industrial City in Qassim.

Najd Clay Bricks Factories Co. will transfer the land to Raoom through a waiver agreement.

In a statement on Tadawul, the company said the cost of the waiver for the land lease is SAR 2.21 million and the total land lease right is valued at SAR 254,680.

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The company added that the land area is 55,000 square meters in a prime location. The transaction will be self-financed without the need for external funding. There are no related parties involved in the deal.

The contract is part of Raoom’s strategy to expand its production lines for glass and plastic. This third expansion aims to meet the growing demand in the Kingdom by installing modern production lines for these products.