Al-Rajhi REIT's board appoints Sustainable Property to manage Al Narjes Plaza, Oasis Mall
Such change will become effective as of March 13, 2025, it added.
In a statement to Tadawul, the company said that, as for Al Narjis Plaza, this appointment will entail a property management fee of 8% of the rent collected, except for Tamimi Markets contract, which will be calculated as 5% of the rent collected until the end of the contract.
As for Oasis Mall, this appointment will entail a property management fee of 7.5% of the rent collected, except for Landmark Markets contract, which will be calculated as 5% of the rent collected until the end of the contract, in addition to SAR 25,000 per month plus 5% from the collected rents of the new tenants as marketing and leasing fee for one year only, it added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
3 days ago
- Arab News
Qatar to strengthen tourism partnership with Jordan, delegation visits Amman Citadel
LONDON: Saad Al-Kharji, the chairperson of Qatar Tourism, visited the historical site of Amman Citadel, accompanied by the Jordanian minister of tourism and antiquities, Lina Annab, as officials from the two countries met to discuss enhanced cooperation in the tourism sector. The Qatari delegation toured several key landmarks on Wednesday and learned about Jordan's rich cultural history as part of a visit described as an essential step as officials work to develop joint promotional campaigns and share expertise in the marketing of sustainable tourism, the Jordan News Agency reported. The Jordanian ministry said the diverse tourism options in Jordan and Qatar provide the foundations for fostering a partnership that can enrich visitor experiences and attract foreign travelers. Meanwhile, the Central Bank of Jordan reported an 11.9 percent increase in tourism revenues to $3.67 billion during the first half of 2025 compared with the same period last year. This was despite a previously reported decline of more than 75 percent in the number of foreign visitors to Petra, the country's main tourist attraction, in June compared with the same month in recent years due to the ongoing war in Gaza and the conflict between Iran and Israel.
Arab News
4 days ago
- Arab News
Nesma & Partners acquires Al-Yusr Contracting Company
Nesma and Partners, an integrated projects solutions company in Saudi Arabia, has announced the successful completion of its acquisition of Al-Yusr Industrial Contracting Company, a prominent provider of industrial services in the Kingdom. This strategic investment positions Nesma and Partners as a leading integrated industrial services platform, enhancing its capabilities across the energy, infrastructure, and industrial sectors in alignment with Saudi Arabia's Vision 2030 development objectives. AYTB will continue to operate as an independent company within the Nesma and Partners Group, preserving its organizational structure, brand, and operational autonomy. This acquisition enhances both companies' capacity to deliver high-value project solutions across the whole asset lifecycle — from consulting, engineering, construction, and commissioning to operations, maintenance, and upgrades. 'We are proud to welcome AYTB into the Nesma and Partners family,' said Samer Abdul Samad, chief executive of Nesma and Partners and newly appointed chairman of AYTB. 'AYTB has built a remarkable legacy of performance, particularly in operations and maintenance and plant industrial services. This partnership is based on mutual respect, complementary strengths, and a shared commitment to operational excellence.' As part of this transition, Cristiano Tortelli has been appointed as chief executive of AYTB. Tortelli brings more than 30 years of global experience in energy and industrial services and has been actively involved in the transaction from its early stages. His leadership will support AYTB's next phase of growth while maintaining continuity across all operations. 'I am honored to join AYTB as CEO at this exciting moment,' he said. 'Together with the leadership team and the skilled workforce across AYTB, we will strengthen what has already been built, grow with confidence, and deliver sustainable value to our clients and stakeholders.' AYTB is a leading Saudi, multi-disciplinary industrial contracting company providing a range of services and solutions to oil and gas, petrochemical, power generation and other major industrial sectors of Saudi Arabia. Boasting more than 40 years of experience in the fields of plant project services, manufacturing, industrial services, operations and maintenance, and housing and catering, AYTB has more than 6,000 employees. Meanwhile, Nesma and Partners has grown its footprint both locally through its contracting and industrial services and globally through its wholly owned subsidiary, Kent, a leader in engineering and project management services.
Leaders
4 days ago
- Leaders
REDF Supports Extension of Homebuyer Program
The Real Estate Development Fund (REDF) has welcomed the Cabinet's decision to extend the Facilitated Mortgage Program for an additional three years, highlighting it as a reaffirmation of the Saudi leadership's dedication to supporting Saudi families in achieving their first home. REDF spokesperson Saeed Al-Zahrani emphasized that the program plays a vital role in simplifying the homeownership journey for housing support beneficiaries. One of its key features is reducing the required down payment for a first home from 10% to 5%, significantly easing the financial burden on prospective homeowners. Al-Zahrani also noted that the program increases the financing cap to cover up to 95% of a home's total value—up to SAR800,000. This allows beneficiaries to choose between ready-built homes or units under construction, with flexible financing options tailored to their individual financial situations. He further highlighted that the initiative supports the goals of the Housing Program, a cornerstone of Saudi Vision 2030. Since its inception, the program has already enabled more than 638,114 beneficiaries to take a major step toward owning their first home. Related Topics: ROSHN Green Initiative Center: Inspiring Future Environmental Leaders Saudi Arabia Welcomes Foreign Real Estate Investors Outside Holy Cities All You Need to Know about Hajj Rituals: A Step-by-Step Guide Discover Top Hotels Near Masjid Al-Haram for Hajj 2025 Short link : Post Views: 47 Related Stories
