Clean Life partially leases residential building in Riyadh for SAR 525,000

Clean Life Co. signed on March 28 a contract with Alfanar Projects Co. to partially lease its owned residential building in Ar-Rimal district, Riyadh, for SAR 525,000.

In a statement to Tadawul, Clean Life said it leased 30% capacity of its wholly owned building, which exceeds the company's needs, to optimize the use of the property.

The lease contract is valid for one year, starting April 5, 2025. It is expected to have a positive impact on the company’s revenue and slash the financing costs related to the building construction.

The relevant financial impact is projected to show in H1 2025.

There are no related parties to the contract, Clean Life added.