Al-Hassan Shaker buys SAR 48 million office building in Riyadh

02/09/2014 Argaam

Al-Hassan Ghazi Ibrahim Shaker signed yesterday a contract to buy a 12-storey office building in Riyadh in return for SAR 48 million.

The building will be utilized as headquarters for the company’s operations in Riyadh, and the deal was financed by a four-year, Shariah-compliant loan from a local bank.

A positive financial impact due to cutting rental costs is expected as of the second quarter of 2015, the company said in a filing to Tadawul. 

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