Riyadh – Mubasher: Saudi Fisheries Company (SFICO) has officially announced the completion of the lease renewal process for its Al Haridah farm site in the Asir region.
Following previous regulatory approvals and the settlement of outstanding financial obligations, the company has secured a long-term extension for the 7,500-dunum facility.
The new agreement features a significant reduction in annual rental costs, which the company expects will substantially lower operating expenses and secure its long-term utilization of the strategic operational asset.
The announcement, released on the Saudi Exchange (Tadawul), serves as a follow-up to the company’s previous disclosures dated 7 October 2025 and 20 October 2025. In those earlier communications, Saudi Fisheries confirmed it had received a letter of approval from the Ministry of Environment, Water, and Agriculture regarding the renewal request.
This approval was contingent upon the company clearing its financial dues and initiating the transfer of the contract to Al Haridah Company, in accordance with the ministry’s established procedures and regulations.
Under the terms of the finalized agreement, the new lease term is set for a duration of thirty Hijri years. The contract is scheduled to take effect immediately upon the expiration of the current lease.
This long-term commitment provides Saudi Fisheries with a stable operational horizon for the Al Haridah farm, which remains a core component of its production infrastructure in the southern region of the Kingdom.
A primary highlight of the renewed contract is the revised financial structure. The annual rental value has been set at SAR 7,500.
According to the company’s disclosure, this figure represents a 99% decrease compared to the rental costs stipulated in the previous contract.
Management noted that this drastic reduction in lease expenses is expected to reflect positively on the project’s overall operating costs, enhancing the efficiency and commercial viability of the farm’s activities over the next three decades.
Furthermore, the company clarified the administrative status of the leaseholder. While the renewal has been finalized, Saudi Fisheries intends to update the name of the investing party (the lessee) on the contract. The name will be changed from Saudi Fisheries Company to Al Haridah National Company.
The firm stated that it will issue a separate disclosure once this specific administrative amendment is officially processed.
Regarding the financial impact of the renewal process itself, Saudi Fisheries confirmed that there are no additional costs associated with this development that require disclosure at this time.
The company emphasized its commitment to transparency and stated that any further material developments regarding the Al Haridah farm or its contractual status will be announced to shareholders in a timely manner.
