Taiba Holding is targeting a gross profit of SAR 355m in 2014:

Taiba Holding Real Estate Development Company expects its gross profit to grow to SAR 355m in 2014. This target is to be reached by achieving SAR 267m of operating profit and SAR 88m of miscellaneous profit as indicated in the company’s annual report.

Taiba also expects its investments to grow by SAR 500m through cash contributions made by its affiliates or through entering into new joint ventures and strategic alliances in 2014.

“The amount and the date of the compensation to be received for the expropriation of our properties due to prophet’s mosque expansion project are still unknown to the company and its affected affiliates”; the report said.

As for Riyadh Arak Hotel, the five stars hotel that was to occupy 9998m2 in Riyadh, the company said that the project has been terminated at the design phase due to its infeasibility.

Taiba projected distributing cash dividends of SAR 240m in 2014 representing 16% of its capital.