Logo ofDerayah REIT Fund
Derayah Financial Co., the manager of the Derayah REIT Fund, announced that the previous tenant of the Smart Tower property – whose lease was terminated by final judgment, Al Thamra Al Hadetha Co. – has filed a lawsuit against the fund. 
The company received notice that the previous tenant, whose lease was terminated by a final judgment in accordance with the announcement published on September 10, 2025, has filed another lawsuit similar to a previous lawsuit that was ruled in favor of the fund in accordance with the announcement published on May 15, 2025, demanding the same previous demands and the annulment of the property purchase contract concluded on August 7, 2017.
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The fund manager also noted that it is unable to determine the impact resulting from this event, adding that it will announce any relevant material developments as soon as they become available.
According to the company, the previous tenant Al Thamra Al Hadetha Co. had previously filed a similar lawsuit demanding the cancellation of the property purchase contract. A final judicial ruling was issued in this regard by the Fifteenth Circuit of the Court of Appeal in Riyadh in favor of the fund, upholding the initial ruling issued by the circuit competent to consider the first major lawsuits in the General Court in Riyadh, which ruled (to dismiss the plaintiff’s lawsuit against the Fund). The previous tenant of the Smart Tower property filed a grievance before the Supreme Court against the above-mentioned ruling, and the appeal was rejected by the Supreme Court.
According to data available with Argaam, Derayah Financial announced in June that a preliminary court ruling was issued by the Second Major Cases Circuit of the Riyadh General Court in favor of the fund, terminating the electronic lease contract with Al Thamra Al Hadetha Co. for Smart Tower in Riyadh due to non-payment of rent.
Derayah Financial announced in November 2024 that the tenant of the Smart Tower had filed a lawsuit against Derayah REIT. The tenant sought to annul the purchase agreement for Smart Tower, signed on Aug. 7, 2017.
In September 2024, the Derayah REIT initiated legal action against the primary tenant to recover SAR 40 million in pending rent.
Logo ofDerayah REIT Fund
Derayah Financial Co., the manager of the Derayah REIT Fund, announced that the previous tenant of the Smart Tower property – whose lease was terminated by final judgment, Al Thamra Al Hadetha Co. – has filed a lawsuit against the fund.
The company received notice that the previous tenant, whose lease was terminated by a final judgment in accordance with the announcement published on September 10, 2025, has filed another lawsuit similar to a previous lawsuit that was ruled in favor of the fund in accordance with the announcement published on May 15, 2025, demanding the same previous demands and the annulment of the property purchase contract concluded on August 7, 2017.
For more news on listed companies
The fund manager also noted that it is unable to determine the impact resulting from this event, adding that it will announce any relevant material developments as soon as they become available.
According to the company, the previous tenant Al Thamra Al Hadetha Co. had previously filed a similar lawsuit demanding the cancellation of the property purchase contract. A final judicial ruling was issued in this regard by the Fifteenth Circuit of the Court of Appeal in Riyadh in favor of the fund, upholding the initial ruling issued by the circuit competent to consider the first major lawsuits in the General Court in Riyadh, which ruled (to dismiss the plaintiff’s lawsuit against the Fund). The previous tenant of the Smart Tower property filed a grievance before the Supreme Court against the above-mentioned ruling, and the appeal was rejected by the Supreme Court.
According to data available with Argaam, Derayah Financial announced in June that a preliminary court ruling was issued by the Second Major Cases Circuit of the Riyadh General Court in favor of the fund, terminating the electronic lease contract with Al Thamra Al Hadetha Co. for Smart Tower in Riyadh due to non-payment of rent.
Derayah Financial announced in November 2024 that the tenant of the Smart Tower had filed a lawsuit against Derayah REIT. The tenant sought to annul the purchase agreement for Smart Tower, signed on Aug. 7, 2017.
In September 2024, the Derayah REIT initiated legal action against the primary tenant to recover SAR 40 million in pending rent.
