Anaam sells hotel for SAR 19.1M

The parties agreed that the full value will be paid in annual installments, while providing a mortgage for a group of land plots and a real estate property equal to the value of the sale deal.  

They also agreed that electronic promissory notes will be provided for all payments, in addition to a reserve guarantor for the deal.  

The two parties agreed to make an advance payment of SAR 1.5 million before signing the contract.  

The remaining value of SA 17.6 million will be paid in four equal annual installments of SAR 4.4 million, with the first payment due on July 30, 2025. The remaining three payments will be paid on the same date of each subsequent year. 

The buyer shall issue four bonds with a reserve guarantor, equal to the annual payments due at SAR 4.4 million for each bond. 

The buyer shall provide a mortgage to the first party as additional security for the sale value, which consists of three plots of land and a real estate property. 

The deal aims to finance the company’s business activities and boost liquidity.   

Anaam purchased the hotel in December 2021 for SAR 16.5 million. The last valuation of the hotel was issued on June 30, 2024, at SAR 19.6 million. 

In September 2021, the company signed a contract to sell the lands in its Al-Jouf project to Khalid Moneim for SAR 85 million. The land, spans 100 million square meters, consisting of 55 land plots, as well as all equipment, machinery, buildings and cars, data compiled with Argaam showed.