Shareholders unloaded many of their shares
during the previous period due to ownership transfers and mortgages, rather than divestments, said Yousef Al-Shelash, chairman of Dar Al Arkan Real Estate Development.
Al-Shelash added that he lowered his own stake for the same reasons.
According to data available on Argaam, the company’s annual report showed that board members had sold over 115 million of their shares by the end of last year. Al-Shelash offloaded almost 5.8 million shares, 2.1 million of which were indirectly owned.
In its latest report, NCB Capital said that Saudi Arabia’s new tax resolution on undeveloped lands would hurt real estate developers, including Dar Al-Arkan Real Estate, Saudi Real Estate, Arriyadh Development, Emaar EC and Knowledge City.
Commenting on the report, Al-Shelash said real estate developers would actually benefit the most as they supply the market with residential units.
Dar Al-Arkan owns 34 million square meters of undeveloped lands. It is looking to sell three or four million square meters of its plots when market conditions are favorable, he added.
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