Ash-Sharqiyah says needs more time to define ownership areas for agricultural lands

Ash-Sharqiyah Development Co. asked the ministry of environment, water and agriculture for more time until October 5, to take a final decision about the target area for ownership in the agricultural lands granted earlier to the company.

The request came during a meeting held on Tuesday with the agricultural land and survey department at the ministry, Ash-Sharqiyah said in a bourse statement on Wednesday.  

The financial impact of this decision is expected to be reflected on Q4-2017 financials, the company said in a statement on Tadawul.

Last year, Ash-Sharqiyah said it would conduct land surveys on plots allocated to the company by the Saudi Ministry of Environment.

Earlier this month, the Saudi cabinet approved five regulations governing land ownership by joint stock agricultural firms, Argaam earlier reported.