Draya Finance Secures Favorable Ruling in Smart Tower Lease Dispute
Riyadh, Saudi Arabia - Draya Finance Company, manager of Rett’s Knowledge Fund, has announced a significant legal victory regarding the lease of Smart Tower in Riyadh. A final judicial ruling from the Riyadh Court of Appeal has sided with the fund, effectively nullifying a rental contract with Modern Things Company due to non-payment of rent.
According to a statement released to Tadawul, the Saudi stock exchange, the ruling supports a previous decision by the General Court in Riyadh concerning the large cases department. The court found in favor of Rett’s Knowledge Fund,validating its claim of unpaid rent for the Smart Tower property.
Draya Finance stated it is now pursuing legal avenues to collect the outstanding rent. This victory will also streamline property management, as all sub-contracts will now be transferred directly from the previous tenant to the fund. This direct control is expected to improve cash flow and enhance the fund’s ability to manage the property effectively.
This ruling represents a positive development for Rett’s Knowledge Fund and Draya Finance, solidifying their position in the riyadh real estate market.Investors will be watching closely to see the impact of this decision on the fund’s future performance.
Keywords: Draya Finance, Rett’s Knowledge Fund, smart Tower, Riyadh, Saudi Arabia, real estate, legal ruling, Tadawul, investment, property management, non-payment of rent.
