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Taiba Investments buys asset in Riyadh for $58.66mln

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Riyadh – Taiba Investments Company has signed an agreement at a total value of SAR 220 million to purchase a commercial centre in Riyadh

Taiba Investments penned the deal with Mohammed Ibrahim Alsubeaei & Sons Investment Company (MASIC) on 9 June, according to a recent bourse filing.

Located in Al Hamraa District, the commercial centre spans an area of 16,517 square metres and consists of three floors.

The listed firm bought the asset to boost its investments. Meanwhile, it expected that the agreement would reflect positively on its consolidated financials during the second quarter (Q2) of 2022.

During the first three months (3M) of 2022, Taiba Investments logged net profits after Zakat and tax worth SAR 20.35 million, versus net losses of SAR 1.91 million in the year-ago period.

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