22
September
22/09/2025

Derayah Financial Company Announces the Occurrence of Specific Event to Derayah REIT Fund

Element ListExplanation
IntroductionDerayah Financial Company (“Fund Manager”), in its capacity as the manager of Derayah REIT Fund (“Fund”), announces that the previous tenant of the Smart Tower property – whose lease was terminated by final judgment, Al Thamra Al Hadetha Company, with Commercial Registration No. (1010161292) – has filed a lawsuit against the Fund.
Description of the EventDerayah Financial Company (“Fund Manager”), in its capacity as the manager of Derayah REIT Fund (“Fund”), announces that it has received notice that the previous tenant of the Smart Tower property, Al Thamra Al Hadetha Company, 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.
The Impact Caused by the EventThe Fund Manager is unable to determine the impact resulting from this event, and the Fund Manager will announce any relevant material developments as soon as they become available. It is worth noting that the previous tenant Al Thamra Al Hadetha Company, Commercial Registration No. (1010161292) had previously filed a similar lawsuit demanding the cancellation of the property purchase contract concluded on 08/07/2017 (sales 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 Fund Manager would also like to clarify that the previous tenant of the Smart Tower property filed a grievance before the Supreme Court on 12/19/1446 AH against the above-mentioned ruling, and the appeal was rejected by the Supreme Court under No. (4612306620)