A preliminary ruling issued in favor of "Aramco" rejecting a lawsuit from the heirs of "Al-Qarqni"

The Saudi Arabian Oil Company (Aramco) announced the issuance of an initial court ruling in its favor on November 17, 2020; Rejecting the lawsuit filed by the heirs of Khalid Abu Al-Walid Al-Houd Al-Qarqni

and (Aramco) said in a statement to the Saudi market (Tadawul), today, Sunday, that the lawsuit was filed before the US Federal Court for the Southern District of Texas, regarding the plaintiffs' claim Implementation of an alleged arbitration award in an amount of nearly $ 18 billion (equivalent to 67.3 billion riyals).

The subject matter of the dispute in question relates to the alleged arbitration award that the plaintiffs (heirs of Khaled Abu Al-Waleed Al-Houd Al-Qarqni) claim to be entitled to as a result of Saudi Aramco's use of a plot of land in Ras Skirt in Saudi Arabia.

and (Aramco) clarified that the ruling is a preliminary ruling that can be appealed to the Court of Appeals in the Fifth Federal Circuit. In the event that the plaintiffs decide to appeal the judgment, the company believes that its position is strong, which enhances the chances of upholding the judgment from the appeal.

the company stated in the statement that it does not currently intend to take any measures in the previous case; Given the issuance of a ruling in favor of the company, confirming that it will announce any substantial developments in this regard.