A subsidiary of “Tihama” signs a contract to lease two units for retail trade at King Abdulaziz Airport


Riyadh – Mubasher: The Tihama Advertising, Public Relations and Marketing Company announced today, Tuesday, that its subsidiary (Tuhama Education Company) has signed a contract with the General Civil Aviation Authority to lease the first two out of 6 retail units that were awarded at King Abdulaziz International Airport in Jeddah.

In a statement to Saudi Tadawul, Tihama stated that its subsidiary will operate these units at the airport under the exclusive franchise of the WH Smith brand.

She indicated that the opening of these units will contribute to the development of the existing partnership between Tihama and WH Smith and the expansion of the units operating under the franchise of the WH Smith brand, which also includes retail units at Riyadh Airport and throughout the United Arab Emirates.

The company pointed out that the contract period is 5 Gregorian years starting from the date of receiving the site, and the contract value exceeds 10% of the net assets of the company as on December 31, 2020.

The company noted that the financial impact depends on the value of sales for the period between the date of commencement of operation until the end of the contract, which will be included in the initial quarterly lists.


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