The company said in a statement to the Saudi market (Tadawul) today, Thursday, that the plot of land is located in the neighborhood of Sayed Al-Shuhada, with a total area of (46,382) square meters.
The terms of the deal include the payment of the value of the purchase after the land has been cleared in favor of Tiba Investment Company, knowing that the financing method is subjective by the company.
The company explained that the purchase of land for the purpose of development in future real estate investment projects.
She indicated that the financial impact of the deal will be reflected by increasing the item (property, equipment and machinery) in the consolidated statement of financial position for the first quarter of 2020, while it will be reflected in the income statement in the future when operating real estate that It will be developed on that land.
