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| Announcement Detail | Arabian Centres Company announces the obtaining of “Qualification Certificate of the Real Estate Developer” from the Off-Plan Sale or Rent Committee (Wafi), one of the initiatives of the Ministry of Municipal and Rural Affairs and Housing, for passing the qualification criteria, with certificate number (462) dated 17 November 2021. The Company will benefit from the following features of this certificate: |
1) Exemption from Real Estate tax supplies.
2) Ability to develop lands, residential projects, and mixed-use lands directly and not through other residential developer.
3) Ability to off-plan sale and rent real estates, which will grant a high financial flexibility to the Company and without the need to obtain bank facilities to execute such projects.
With this regard, Mr. Faisal Al-Jedaie, Arabian Centres Co. CEO, expressed his gratitude with obtaining this certificate, commenting: “This certificate will add a new horizon to the Company’s strategy, and we are currently evaluating and studying to develop lands, residential projects, and mixed-use lands on some of the Company’s owned land plots that are not specified for Commercial Centres development, whether through the Company directly or through collaborations with the Ministry of Municipal and Rural Affairs and Housing and the local, regional and international real estate development companies”.
It is worth mentioning that the Company currently owns a surplus land plots that are not intended for Commercial Centres developments, and the Company is studying the feasibility of developing this kind of projects on these land plots in order to monetize them. One of these owned land plots is Qassim land which is adjacent to Qassim Walk project (under construction) that has a total area of 1.5 million sqm.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.