THE Savola Group has signed a contract with Adeem National Construction and Development Company to purchase the East Tower of "The Headquarters Business Park" located in the Ashati District on Corniche Road, North Jeddah. The Business Park project consists of two towers, East and West. The Savola Group headquarters will be situated in the East Tower facing Prince Faisal Bin Fahad Street and consists of 16 floors, including the ground floor, with a total area of 13,404 square meters, not including some common areas. The total cost of the purchase is SR134 million to be paid in three installments. The first installment of 60 percent represents what has been constructed to date and is payable on signing. The remaining two installments of 20 percent each will be paid according to the stages of deliverables as per the contract. The East Tower will be handed over to The Savola Group by the end of May 2013 and at that point of time the ownership will be transferred to The Savola Group. The purchase will be self-financed. Dr. Abdulraouf M. Mannaa, Managing Director of The Savola Group, said this project will unify the Group's corporate headquarters and its operating companies offices, reduce costs of administrative expenses and rent, enhance management of processes and effectively foster team-work. Furthermore, any remaining space in the East Tower will be as an investment for the Group.
