Arabian Centres says title deed of Riyadh land canceled by court

Logo of Arabian Centres Co.

Arabian Centres Co. said, in a bourse filing today, Nov. 11, that the title deed of the land located on King Khalid Road, in Al-Raed district, has been canceled by a court decision.

The company added that it is currently working to take all the necessary legal and judicial measures to reinstate the land’s title deed or reclaim its paid price from the seller.

The company also noted that it purchased the land for SAR 1.770 billion through legitimate and legal procedures.

It also incurred, to date, around SAR 628 million on the development works to construct a commercial center on this land -- after obtaining the approved drawings and around 15 construction permits from the Royal Commission for Riyadh City.

The company’s management has obtained an independent legal opinion and reviewed similar cases, and it confirmed that it will follow up diligently to solve this matter.

It is exerting all the needed effort with the parties concerned to regain its rights to preserve the rights of its shareholders.

It added that the management will continue to control the land and its use and it will continue the construction and development of the land.

The company will announce any further developments on this regard.