Arabian Centres says Al-Raed land's title deed reinstated

Logo of Arabian Centres

Arabian Centres Co. said in a bourse statement that the Judicial Authority reinstated the title deed of the company’s owned land on King Khalid Road cross Al-Urubah Road, Al-Raed district, Riyadh city. 

This came after finalizing all the legal procedures and fulfilling the needed requirements for the authenticity of the title deed. 

The company received an electronic copy of the final title deed and its status was updated from “Canceled” to “Active”. 

The Tadawul-listed firm confirmed that it was confident in its ownership right to the aforementioned land, based on the rules and regulations that support the authenticity and reliability of the title deed.

ACC added that it continues the development works of Jawharat Al-Riyadh project on this land, expecting to open it during the first half of 2025.

In November 2021, the firm announced the title deed cancelation of the owned land located on King Khalid Road, as per a court ruling, Argaam earlier reported.

The company also noted that it purchased the land for SAR 1.770 billion through legitimate and legal procedures. It incurred around SAR 628 million on the development works to construct a commercial center on this land -- after obtaining the approved drawings and around 15 construction permits from the Royal Commission for Riyadh City.

CEO Faisal Al-Jedaie said the Jawharat Riyadh project’s land plot at Al-Raed district was purchased legally from a well-reputed judicial person.

ACC coordinated with the competent authorities, including the Ministry of Investment, to reconsider cancelling the court decision and returning the land ownership to the company soon, after studying the legal issues related to the main land title deed.