Saudi Darb issues update on legal dispute with Al Sateaa

In a statement to Tadawul, the company said there will be no financial impact, as it had already allocated a provision of SAR 84 million to cover potential losses from the asset swap agreement with Al Sateaa.

Saudi Darb added that it will continue to monitor the case and disclose any material developments as they occur.

In May, Saudi Darb had announced updates regarding the case, which involves requiring the company to complete the ownership transfer of 134 land parcels with the notary public, representing a 50% undivided stake in a property located in Al-Murouj, Al-Sail Al-Sagheer, Taif Governorate, to the plaintiff, according to data available with Argaam.

A previous ruling from the Jeddah General Court, along with a decision from the Fifth Civil Circuit, ordered a freeze on any transactions related to the disputed land.