Logo of Multi Business Group Co.
Multi Business Group Co. said it received a letter from Leejam Sports Co. containing a notice to terminate the contract signed between the two parties for design and build of a sports club in King Abdullah Financial District (KAFD). 
In a statement to Tadawul, the company added that — according to the client’s notification letter — the contract cancellation is attributed to the failure to obtain the required design approvals.
Multi Business is currently reviewing the notice from a regulatory and contractual standpoint, without deeming it an acknowledgement by the company of the validity of its content, while reserving all of its regulatory and contractual rights.
It will announce any subsequent material developments in due course.
According to the statement, there are no material costs associated with this development to date. The final financial impact, if any, cannot be determined until the company completes its review of the notice and identifies its consequences.
According to Argaam’s data, Multi Business signed, in December 2024, a contract with Leejam to design, build, and finish a sports club at KAFD, with the contract value exceeding 10% of the company’s 2023 topline. Multi Business achieved revenues of SAR 124.83 million in 2023.
Logo of Multi Business Group Co.
Multi Business Group Co. said it received a letter from Leejam Sports Co. containing a notice to terminate the contract signed between the two parties for design and build of a sports club in King Abdullah Financial District (KAFD).
In a statement to Tadawul, the company added that — according to the client’s notification letter — the contract cancellation is attributed to the failure to obtain the required design approvals.
Multi Business is currently reviewing the notice from a regulatory and contractual standpoint, without deeming it an acknowledgement by the company of the validity of its content, while reserving all of its regulatory and contractual rights.
It will announce any subsequent material developments in due course.
According to the statement, there are no material costs associated with this development to date. The final financial impact, if any, cannot be determined until the company completes its review of the notice and identifies its consequences.
According to Argaam’s data, Multi Business signed, in December 2024, a contract with Leejam to design, build, and finish a sports club at KAFD, with the contract value exceeding 10% of the company’s 2023 topline. Multi Business achieved revenues of SAR 124.83 million in 2023.
