Banan subsidiary renews 2 contracts worth SAR 6.41M

Banan Real Estate expects the two contracts to have a positive financial impact on its revenues and results from Q1 2026.

Banan Real Estate Co.’s subsidiary, Al-Aziza Investment and Real Estate Development Co., renewed two contracts with Al-Haqbani Trading Group Co. and Fad Mechanical Equipment Co. at a total value of approximately SAR 6.41 million, inclusive of value-added tax (VAT), according to two separate statements to Tadawul.

The first contract, signed with Al-Haqbani, is valued at SAR 5.07 million. It includes the lease of a warehouse in the Al-Khalidiyah district and a showroom in the Alamara Building in Dammam for one year, starting Jan. 1 to Dec. 31, 2026.

The contract also covers the lease of offices, showrooms, warehouses, and a residential unit in Riyadh for two years, beginning from Jan. 1, 2026, until Dec. 31, 2027.

Another contract between its subsidiary and FAD was valued at approximately SAR 1.34 million, inclusive of VAT, Banan said. The contract includes the lease of a warehouse in the Al-Shifa district and an office in the Al-Tahliya Building in Riyadh for two years, starting from Jan. 1, 2026, to Dec. 31, 2027.

The company expects the two contracts to have a positive financial impact on its revenues and results from Q1 2026.

The contracts involved related parties, namely Chairman Abdul Mohsen Al-Hakbani, Vice Chairman Ahmed Al-Hakbani, and board member Faisal Al-Hakbani.