Inmar receives White Land fees invoices of SAR 21.2M

Inmar believes that the land on which development has started does not fall within the definition of white land

Inmar Co. for Real Estate Development and Investment received, on Jan. 1, a number of invoices for white land fees totaling SAR 21.2 million, relating to lands located within the geographic zones designated for the application of the third phase of the 2026 cycle of the White Land and Vacant Property Fees Program in Riyadh.

In a statement to Tadawul, the company clarified that the lands subject to these invoices are included in its land portfolio and fall within the geographic scope to which the fees apply.

Development works have commenced on these lands, and the company is currently working to complete the required development in line with the relevant laws and regulations, the statement said.

Accordingly, Inmar will recognize the amounts related to these invoices as financial liabilities in accordance with the approved accounting standards, and their impact will be reflected in the company’s financial statements for the relevant period.

The developer stated that it is currently reviewing the fee invoices and completing the necessary regulatory procedures in this regard. Given that these lands are under development, the company believes that they do not fall within the definition of white land.

The Saudi-listed firm intends to submit a request for an additional period to complete the development works as stipulated in the regulations and will follow up on the required regulatory procedures.

The company reaffirmed its full commitment to transparency and disclosure in line with relevant laws and regulations, in a manner that serves shareholders' interests.

According to data available with Argaam, the Ministry of Municipalities and Housing (MOMRAH), represented by the White Land and Vacant Property Fees Program, announced, on Jan. 1, the issuance of more than 60,000 white land fee invoices in Riyadh.