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Asas Makeen Real Estate Development and Investment Co. Announces an update on Announcement by Asas Makeen Real Estate Development and Investment Company published on the Saudi Stock Exchange website regarding updates on white land fees.
| Element List | Explanation |
|---|---|
| Previous Announcement | Announcement by Asas Makeen Real Estate Development and Investment Company published on the Saudi Stock Exchange website regarding updates on white land fees. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2026-01-01 Corresponding to 1447-07-12 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Company announces that it has received nine (9) invoices under the White Land Fees Program – to date – amounting in aggregate to SAR (8,007,069.4), relating to land plots located within the designated geographic scope of the program. The Company would like to clarify the following: * The invoiced amounts will be recorded as financial liabilities in accordance with the applicable accounting standards. Given the size of these fees relative to the Company’s overall portfolio and assets, no material impact on its financial position is anticipated. The relevant liabilities will be reflected in the financial statements for the corresponding reporting period. * The land plots subject to the invoices are located in Riyadh within the officially declared fee zone and form part of the Company’s future development plans. The Company is in the process of completing the required development and regulatory procedures in accordance with the applicable laws and regulations. Of these invoices, three (3), totaling SAR (1,098,151), relate to projects for which occupancy and completion certificates have already been issued. In addition, seven (6) invoices totaling SAR (6,908,918) were issued due to the existence of impediments preventing the issuance of the necessary licenses and approvals required for development or construction. * As these lands are under development and, in the Company’s assessment, do not fall within the definition of “White Land” as set out in the Executive Regulations, the Company intends to submit formal objections to the invoices within the statutory period of sixty (60) days from the date of notification, as indicated by the Ministry of Municipal and Rural Affairs and Housing, and will pursue the relevant legal procedures accordingly. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | There is no material financial impact expected on the financial statements. |
| Additional Information | The company reaffirms its commitment to transparency and disclosure in the best interests of its shareholders, while maintaining the highest standards of governance and compliance with all relevant regulations. The company will announce any material developments as they become available. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Value Traded (Sar) 225
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