Al-Ahsa Development Company files lawsuit
Lawsuit against Emaar AlDra Al Arabi Co over land ownership issues
Al-Ahsa Development Company has filed a lawsuit against Emaar AlDra Al Arabi Co. for the delay in the transfer of the ownership of lands .
The case was issued by the company’s lawyer M / s Al-Saif & Al-Tuwaijry Law Firm, in Riyadh and announced via statement to the Tadawul stock exchange.
The lawsuit has been requested to compel Emaar AlDra Al Arabi Co to transfer the ownership of two lands, both located at Sheikh Jaber Road, Al Maizalah Area, Riyadh, the statement adds.
Al-Ahsa Development Company says it should have been transferred under exit contract with Emaar AlDra Al Arabi Co that has existed since 1 December 2008.
The area of the land involved is around 8,373m2 with a 2008 book value of SAR 27.13m ($7.2m).
Al-Ahsa Development Company says that it and its lawyers believe that there would be no financial impact on the company, and has taken this action to protect the equity of shareholders.