Arab Sea completes ownership transfer of new HQ tower

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co. completed today, Dec. 16, the procedures for transferring ownership of the tower deed of the office tower purchased from board member Mohammed Al-Suhaibani to be the headquarters (HQ) of the company and its subsidiaries.

In a statement to Tadawul, the company said that it paid the real estate transaction tax amounting to SAR 2.95 million.

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According to data compiled by Argaam, Arab Sea signed, in August, a contract to purchase the office tower from the board member to be HQs of the company and its subsidiaries, for SAR 59 million, excluding the real estate transaction tax.

The property value will be paid over 10-year installments, with payments starting on Jan. 1, 2025.

The 23-storey building covers a total area of 6,510 square meters, located in Al-Sahafa District, Northern Riyadh.