23-07-2025
Derayah REIT says initial ruling orders Smart Tower tenant to pay SAR 36M
Derayah Financial Co., the fund manager of Derayah REIT Fund, said it received a notification from the fund's attorney, Naif Mohammed Al Salem Lawyers and Consultants, regarding a favorable preliminary court ruling by the First Large Claims Division of the General Court in Riyadh.
The preliminary judgement requires the main tenant of the Smart Tower in Riyadh to pay SAR 36 million in overdue rent, the fund manager said in a statement to Tadawul.
The ruling is not yet final and remains subject to appeal, the statement said. The fund manager is pursuing several legal actions to collect the full outstanding rent and terminate the lease.
The initial ruling currently has no impact until the final judgment is rendered, the statement said.
