Smo Real Estate Company a real estate deal with the Saudi Al-Shabab Club on April 12, 2022, under which a lease agreement was signed for the purpose of leasing and developing the club’s land located on King Fahd Road and Al-Olaya Road (the commercial strip) in Riyadh, to build commercial, residential, and entertainment projects, as well as hotels and other facilities.

The company clarified in a statement on “Tadawul Saudi” that the land area is 42,970 square meters, while the contract term is 25 calendar years, with an annual rent of 19.3 million riyals, The company expects the financial impact of the contract to be reflected in its financial statements and statement of financial position beginning upon receipt of the site, noting that there are no related parties to the contract.