Arabian Centres buys Al-Raed district land ‘legally’, confident about restoring land deed: CEO

Faisal Al-Jedaie, CEO of Arabian Centres Co.

Arabian Centres Co.'s (ACC) Chief Executive Officer (CEO), Faisal Al-Jedaie, said that the Jawharat Riyadh project’s land plot at Al-Raed district was purchased legally from a well-reputed judicial person.

He affirmed the company’s confidence in the judicial system and the Kingdom’s laws.

ACC is confident about restoring the land plot deed, Al-Jedaie added, noting that Minister of Investment Khalid Al-Falih reassured the company and its investors about the situation and affirmed that the ministry is studying the issue to resolve it with the competent authorities.

In the last few days, Arabian Centres coordinated with the competent authorities, including the Ministry of Investment, to reconsider cancelling the court decision and returning the land ownership to the company soon, after studying the legal issues related to the main land title deed.

Moreover, the company explained that the property described in the deed was purchased under a sound and legal sale and purchase agreement. The company started on developing the land’s infrastructure services after obtaining the required regulatory approvals, in line with the masterplan issued by the Royal Commission for Riyadh City (RCRC) under the supervision of Riyadh Municipality.

In Note No. 8 of the financial statements, ACC added that the fair value of the investment properties stands at SAR 21.76 billion, the CEO added.

The company sent a letter to the Saudi King on Sept. 20, soliciting the cancelation of the Supreme Court decision. The letter included the royal order issued on Rajab 11, 1442 H on forming a team to resolve the title deed issues of the land plots located in a certain masterplan, hence such issues cannot be considered by courts.

ACC Chairman informed the board, in the meeting held on Sept. 8, about the title deed cancelation of the owned land located on King Khalid Road, Al-Raed district, Riyadh, Argaam reported.