SENAAT issues correction, says subsidiary case involves lost-profit claim

25/11/2025 Argaam
Logo ofAdvanced Building Industries Co. (SENAAT)

Logo of Advanced Building Industries Co. (SENAAT)

Advanced Building Industries Co. (SENAAT) issued a corrective announcement regarding the claim filed by MIDAD Real Estate Co., clarifying that the lawsuit involves both reimbursement for lost profit against one of its subsidiaries and a claim for In a statement to Tadawul, the company further elaborated that the competent judicial authority is the Commercial Court of Dammam, not Jeddah.

 

According to Argaam data, the company announced on November 24 that MIDAD's claim is for compensation related to construction services that involve the execution of contracting work as the main contractor, including manufacturing, supplying, and installation, in accordance with the plaintiff's allegations.

 

The claim included financial compensation amounting to SAR 376.15 million, in addition to SAR 37.6 million in attorney fees.

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