Dubai’s Emaar clarifies land in Saudi Arabia not owned by firm since 2016

07/10/2020 Argaam

Emaar Properties said the value of a land in Saudi Arabia did not reflect in its 2019 financial statements as it is not owned by the developer or any of its subsidiaries since 2016, when the Dubai-listed firm separated from its partners in the Kingdom.

 

The company added that the court decision to cancel the title deed has no material financial impact on Emaar.

 

In a statement on Oct. 5, the developer had said it was unaware of media reports about the cancellation of a land bond with an area of 13 million square meters in Saudi Arabia. It added that Emaar or any of its subsidiaries do not own the land any longer and there is no material impact.

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