Arabian Centres Company announced that the title deed for the land located on King Khalid Road at the intersection with Al-Oruba Road in Al-Ra'id District, Riyadh, has been revoked by a court order. The company is taking all legal and judicial measures to recover the property or the purchase price from the seller, noting that it had purchased the land for 1.77 billion riyals through lawful and regulatory procedures.

According to its statement on “Tadawul,” the company incurred losses amounting to 628 million riyals spent on development work to build a commercial center on this land, following the approval of the final project plan and the issuance of approximately 15 building permits by the Royal Commission for Riyadh City.

It stated that after the company’s management obtained an independent legal opinion and reviewed previous similar cases, it affirms that it will diligently pursue a resolution to this issue and will make every effort with the relevant authorities to secure its rights in order to protect the rights of its shareholders, and that it has full confidence in the fairness of the regulations and laws that will achieve this.

The company’s management stated that it considers the land and the right to use it to remain under its control and that it is continuing with development work on the site, noting that it will immediately announce any developments or updates regarding this matter as they arise.