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MBC Group signed a land transfer agreement with Diriyah Co. for the transfer and development of certain plots within the Diriyah project in Diriyah city, the company said in a statement to Tadawul today, May 8.
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Under the deal, specific plots within the Diriyah project will be transferred to MBC Group or one of its wholly owned subsidiaries. Diriyah will develop the plots under a definitive development works agreement, to be signed at a later stage, which will outline the responsibilities and rights of both parties.
Diriyah will oversee the design, construction, and development of the plots based on a timeline to be agreed upon by both sides.
The plots are intended to host MBC Group’s new headquarters and related core facilities, including filming studios and a visitor center. They may not be used, sold, or repurposed for other uses unless otherwise agreed under the final development agreement or any related deal.
The agreement includes provisions related to plot ownership, including MBC Group’s obligation to comply with the Diriyah project's master community guidelines, leasing conditions, and all applicable taxes, fees, service charges, and utility payments.
The transfer will be completed upon the issuance of title deeds in the name of MBC Group or its subsidiary. The plots cover an area of approximately 138,352 square meters.
The agreement takes effect immediately and will remain in force as long as the company retains ownership of the plots.
The financial impact of the land transfer will be reflected in MBC Group’s financials once the plots are officially transferred. The financial impact of the development works agreement will be determined after it is signed and will be disclosed accordingly.
MBC Group added that it is in ongoing discussions with Diriyah to finalize the terms of the development works agreement and will make further announcements in line with relevant regulations once it is signed.
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