Ash-Sharqiyah to complete land grant ownership transaction after COVID-19 measures end

Ash-Sharqiyah Development Co. announced today that the transaction for the ownership of 72.17 million square meters of agriculture land grant will be completed once the current precautionary measures taken by the Saudi government to combat the COVID-19 outbreak come to an end.

The issuance of the land instrument for the transaction is currently under process with relevant authorities, according to a bourse statement.

The firm expects a positive impact in the long-term after allowing listed companies to use the fair value or reassessment model to measure real estate and investment properties for financial periods beginning during or after 2022 according to IFRS and approved by the Saudi Organization for Certified Public Accountants (SOCPA).

Ash-Sharqiyah will announce any further developments related to the transaction in due course.

According to data compiled by Argaam, in February this year, the company received a decision by the Ministry of Environment, Water and Agriculture confirming the ownership of 72.17 million square meters of agriculture land grant.