Saudi Fisheries finalizes Jeddah land evacuation, compensation set at SAR 36.3M

Logo of Saudi Fisheries Co. (SFICO)

Saudi Fisheries Co. announced completing the evacuation procedures for its land in Jeddah in favor of state property, with the compensation set at SAR 36.3 million, according to a statement to Tadawul.

The company will communicate with the State Properties General Authority to know the compensation for the land evacuation and buildings, as the value of buildings is fully due to the company.

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The company will add the land compensation to its capital in favor of the state in accordance with the royal order after obtaining an estimate of the land value and securing the necessary approvals from the relevant authorities.

The financial impact cannot be determined at present, said Saudi Fisheries, adding that any developments in this regard will be announced in due course.

In September 2022, Saudi Fisheries announced the issuance of the title deed of Jeddah land, spanning 11,300 square meters, according to data available with Argaam.

The company was earlier notified by the Jeddah Municipality to vacate the site and remove the buildings as it falls within the slums to be removed, as of June 11, 2022.