GACO transfers common deeds with Wabel Investment

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co. (GACO) finalized the paperwork required for transferring the common deeds shared with Wabel Alarabia for Investment Co.

The deeds of each party are now fully owned by it. The land owned by the company in Al Ofuq neighborhood spans 131,822.3 square meters, GACO said in a statement to Tadawul.

Due to the delay in the establishment of the mall and the residential tower project planned by GACO in partnership with Wabel on this land, and the settlements reached by both firms on the division of the deeds and distribution of property, GACO’s board decided not to proceed with the joint investment with Wabel.

While re-evaluating the possible investment options on the lands to choose the most feasible opportunities for the company, taking into account that these lands represent one of its most important investments in terms of value, space and distinctive location on major roads in Buraydah, GACO will duly announce any relevant updates.

In 2015, GACO purchased 50% of the land owned by Wabel in Buraydah for SAR 182.5 million. However, both companies agreed last February to exit the project and share the land deeds.