Addendum Announcement from Dar Al Arkan Real Estate Development Company regarding the latest update on the awarding of a real estate deal in Jeddah.
| Element List | Explanation |
|---|---|
| Introduction | Pursuant to the previous announcement of Dar Al Arkan Real Estate Development Company on the Tadawul website dated 1446-08-18H (corresponding to 2025-02-17), and the corrective announcement dated 28-11-1446H (corresponding to 2025-05-26), regarding the awarding of a real estate deal in Jeddah.
Dar Al Arkan Real Estate Development Company would like to announce updates on the transaction, as procedures for registration and transfer of ownership of the mentioned land have been completed, in line with the company's commitment to keeping investors informed of the latest developments regarding the transaction. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2025-05-26 Corresponding to 1446-11-28 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The company is pleased to announce the completion of all procedures related to the registration and transfer of ownership of the mentioned land with a value of SAR 4.460 billion. Dar Al Arkan’s share in the land ownership amounts to 80%.
The acquisition of this land is the largest real estate transaction completed in the history of Jeddah City. The land, located in the city of Jeddah, covers an area of one million square meters in one of the most vital and strategic locations, located on four main roads, most notably King Abdulaziz Road, in front of the Formula 1 circuit and opposite Red Sea Mall. |
| Financial Impact on the change | A positive financial impact is expected for Dar Al Arkan during the current fiscal year and the subsequent years. Any material financial impacts will be disclosed as they occur, in accordance with the relevant regulations. |
| Additional Information | The company looks forward to commencing development fieldwork after obtaining all necessary regulatory approvals and licenses from the relevant authorities.
The company will announce any significant updates related to the transaction in due course, in line with its commitment to transparency and disclosure standards adopted in the Saudi financial market. |
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