Al Jazeera Capital Markets, in its capacity as manager of “Al Jazeera REIT”, that it received a preliminary judgment dated September 19, 2021, in favor of the fund in a lawsuit regarding a “claim for property rent” filed against “Takheezin for Support Services.”
The company said in a statement on “Tadawul“, that the General Court in Riyadh ruled to compel the defendant, “Takheezin for Support Services,” to pay the Fund an amount of 5.2 million riyals, representing the value of rent payments owed by the tenant and remaining unpaid.
It noted that the court’s ruling dismissed the plaintiff’s claim regarding value-added tax due to lack of jurisdiction and rejected the defendant’s request to reduce the claimed rent.
She noted that the court informed the parties that they have the right to appeal this ruling within thirty days from the date of the ruling, and if no one files an objection within 30 days of the ruling’s issuance, the ruling becomes final.
It anticipated that this development would have a positive impact on the fund’s cash distributions should the judgment become final, noting that any material developments regarding this matter would be announced in the future.
