Al-Ahsa Development sues firm for delay in land title transfer

Al-Ahsa Development Company Announces the filing of lawsuit against Emaar AlDra Al Arabi Co. for the delay in the transfer the ownership of lands in favor of Al-Ahsa Development Company; the case was issued by the companys lawyer M/s Al-Saif & Al-Tuwaijry Law Firm, Riyadh.

Lawsuit requested to force the defendant to transfer the ownership of two lands, both located at Sheikh Jaber Road, Al Maizalah Area, Riyadh. It should have been transferred to Al-Ahsa Development Company under exit contract with Emaar AlDra Al Arabi Co. since 01/12/2008 G. Since that date, company continuously communicating and obtained written promises frequently to transfer both lands to Al-Ahsa Development Co., but until this date without any reasons underlying the non-transferring.

The area of these lands are around 8,373 square meters with a book value was SAR. 27.13 million as in year 2008. The company believes and its lawyer share opinion that there would be no financial impact on the company, and has taken this action to protect the equity of shareholders.