Riyadh – Mubasher: Red Sea Housing Services on Sunday announced that it received a copy of the final agreement to transfer a lease to Petromin, after obtaining the signatures from the company and Emaar Economic City.
The company said earlier that it signed a lease contract with Petromin, with an annual lease value of SAR 1.16 million, to construct a factory specializing in the production of prefabricated housing units in King Abdullah Economic City (KAEC) in Rabigh.
“Petromin shall start the payment of the annual lease amounts upon the commencement of Roll-on / Roll-off (RoRo) operations at King Abdullah Port in KAEC to enable Petromin to properly utilize the plot for loading and unloading of vessels via the seaport,” according to a bourse filing.
The housing company also received the termination agreement to hand over the leased land plot of the housing facility in Rabigh to Emaar Economic City in its current condition, without any additional financial liabilities on either party, a statement said.
