Taiba subsidiary, Elaf Hotels mutually terminate lease contract for Madinah residential center

21/06/2021 Argaam

Taiba Investments headquarters

Taiba Investments Co.’s wholly owned subsidiary, Al Aqeeq Real Estate Development Co., signed a mutual deal on June 20 to terminate the lease agreement with Elaf Hotels Co. for Al Majeedi Residential Center in Madinah. 

 

The termination will be effective from Jan. 1, the company said in a bourse filing today, June 21.

 

The residential center will be operated directly by Al Aqeeq Real Estate.

 

The financial impact of the contract’s termination will be reflected in Taiba and Al Aqeeq’s Q2 2021 financials.

 

In December 2016, Al Aqeeq signed a lease contract with Elaf Hotels to lease Al Majeedi Residential Center for SAR 230 million, Argaam reported.

 

The residential center, located north of the Prophet's Mosque, is spread over 3,000 square meters and consists of 21 floors.

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