Mubasher: Al Mal Investment announced that the Saudi court in Jeddah has issued a first-instance verdict against Al Mal Investment, listed on Boursa Kuwait, in favour of the Economic Cities Authority.

Upon this court ruling, Al Mal should pay SAR 22.5 million ($6 million) to the Saudi authority, the Kuwaiti company in a bourse disclosure on Wednesday.

The Saudi court has rejected the lawsuit filed from Al Mal Investment and scheduled Wednesday, 10 July to deliver the verdict to Al Mal.

The Kuwaiti listed firm clarified that the financial impact on Al Mal’s position will be determined once the court ruling is received.