Saudi Fisheries announces issuance of Jeddah land title deed

Logo of Saudi Fisheries Co. 

Saudi Fisheries Co. announced the issuance of the title deed of Jeddah land, spanning 11,302 square meters (sqm) on Sept. 7.

In a statement to Tadawul, Saudi Fisheries said it will start the process of listing the value of Jeddah land and the value of the land in Riyadh – for which the deed was issued earlier – in the company's capital for the benefit of the state, in accordance with the royal decree.

The move will follow the necessary approvals from the Capital Market Authority and the relevant authorities.

The financial impact cannot be determined at the present time, and any developments in this regard will be announced in due course, the statement noted.

The company was earlier notified by the Jeddah Municipality to vacate the site and remove the buildings on it because it is within the scope of the slums to be removed, as of June 11, 2022, the statement added.

Saudi Fisheries received, on Dec. 22, the ownership transfer certificate for the 6,264 sqm land plot in Riyadh from the notary public, Argaam reported.

In late 2013, the firm received a letter from the Public Investment Fund (PIF), which included the approval on the transfer of ownership for the two land plots that were earlier handed over to the company by the Ministry of Agriculture, provided their value would be included in the share of the state – represented in PIF - in the company's capital.