Logo ofBAAN Holding Group Co.
BAAN Holding Group Co. signed an agreement today, Feb. 26, with Multipurpose Cooperative Society to extend the lease from May 1, 2028, to April 30, 2048, in Hail, for a total value of SAR 22.46 million (excluding VAT). 
In a statement to Tadawul, the company said the lease pertains to the association-owned building, which houses the Golden Tulip Hotel in Hail. The current lease, which began on May 1, 2008, is set to expire on May 1, 2028.
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The company clarified that the lease extension aims to support the continued operation of the Golden Tulip Hotel, enhancing investment returns and contributing to the growth of the tourism sector in the region.
BAAN Holding stated that the decision to extend the lease aligns with its goal of securing stable income, boosting revenues, and ensuring long-term financial sustainability.
Additionally, the company noted that the extension will improve cash flow, generate investment returns that support its expansion plans, and enhance overall financial performance, particularly amid the significant development of Hail’s tourism ecosystem.
The lease term is 20 years, with the financial impact expected to appear in Q2 2025.
There are no related parties to the contract, the statement added.
Logo ofBAAN Holding Group Co.
BAAN Holding Group Co. signed an agreement today, Feb. 26, with Multipurpose Cooperative Society to extend the lease from May 1, 2028, to April 30, 2048, in Hail, for a total value of SAR 22.46 million (excluding VAT).
In a statement to Tadawul, the company said the lease pertains to the association-owned building, which houses the Golden Tulip Hotel in Hail. The current lease, which began on May 1, 2008, is set to expire on May 1, 2028.
For more news on listed companies
The company clarified that the lease extension aims to support the continued operation of the Golden Tulip Hotel, enhancing investment returns and contributing to the growth of the tourism sector in the region.
BAAN Holding stated that the decision to extend the lease aligns with its goal of securing stable income, boosting revenues, and ensuring long-term financial sustainability.
Additionally, the company noted that the extension will improve cash flow, generate investment returns that support its expansion plans, and enhance overall financial performance, particularly amid the significant development of Hail’s tourism ecosystem.
The lease term is 20 years, with the financial impact expected to appear in Q2 2025.
There are no related parties to the contract, the statement added.
