2 days ago
Court orders Motoon Tower ex-tenant to pay SAR 13.8M: Derayah REIT
Derayah Financial Co., the fund manager of Derayah REIT Fund, said it received a notice from the fund's legal counsel in Kuwait regarding a final court ruling.
The final ruling was issued by the Kuwait Court of Appeals in the case filed by the fund against Al Amalayah Co. for Hotels, the former tenant of Motoon Tower in Riyadh, the fund manager said in a statement to Tadawul.
The ruling obliges Al Amalayah to pay SAR 13.76 million to the fund, representing unpaid rent for Motoon Tower.
The impact will be reflected according to the outcome of legal and regulatory procedures and the collection of the amounts.
In May, the company received a notice from the fund's legal counsel in Kuwait regarding a court ruling, which remains subject to appeal, in the case filed by the fund against the former tenant, Argaam data showed.
The issued ruling obligated them to pay an amount of 13.76 million riyals to the fund.
