Al Tayyar terminates leasing contract; redeems SAR 76 mln

27/05/2015 Argaam

Al Tayyar Travel Group Holding said in a bourse statement on Wednesday that it has terminated a leasing contract with Naseel Holding Co. due to non-compliance with relevant terms.

 

The transportation services provider said it redeemed SAR 76 million worth of advance payments as a result. 

 

According to data previously reported on Argaam, Al Tayyar had inked the five-year SAR 308.5 million contract with Naseel, under which it was obliged to lease residential towers complex for Hajj and Umrah pilgrims in Makkah.

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