Logo ofAlramz Real Estate Co.
Alramz Real Estate Co. said six of the 94 white land fee invoices issued earlier for its land plots in Riyadh have been cancelled. 
The canceled invoices amounted to SAR 33.95 million, representing approximately 96% of the total invoiced amount of SAR 35.33 million.
The invoices were canceled following an objection filed by Alramz with the relevant authority, the Tadawul-listed company said in a statement today, Nov. 3.
They pertained to land plots located within geographical zones subject to a 10% white land fee and associated with projects under development that the company is undertaking in accordance with its development plans.
The total value of outstanding invoices consequently declined from SAR 35.33 million to SAR 1.37 million, the company added. It clarified that no provisions had been recognized against these invoices, as disclosed in Note (20-2) to its financial statements.
Accordingly, the cancellations will have no impact on the financial results, and the remaining invoices are not expected to have any material impact on its operating activities or financial position.
According to data compiled by Argaam, Alramz announced in February that it had received 94 white land fee invoices totaling SAR 35.33 million for land plots it owns in Riyadh and associated with projects under development. At the time, the company said it would apply to the relevant authority for the applicable statutory grace periods pending completion of the development works on these plots.
Logo ofAlramz Real Estate Co.
Alramz Real Estate Co. said six of the 94 white land fee invoices issued earlier for its land plots in Riyadh have been cancelled.
The canceled invoices amounted to SAR 33.95 million, representing approximately 96% of the total invoiced amount of SAR 35.33 million.
The invoices were canceled following an objection filed by Alramz with the relevant authority, the Tadawul-listed company said in a statement today, Nov. 3.
They pertained to land plots located within geographical zones subject to a 10% white land fee and associated with projects under development that the company is undertaking in accordance with its development plans.
The total value of outstanding invoices consequently declined from SAR 35.33 million to SAR 1.37 million, the company added. It clarified that no provisions had been recognized against these invoices, as disclosed in Note (20-2) to its financial statements.
Accordingly, the cancellations will have no impact on the financial results, and the remaining invoices are not expected to have any material impact on its operating activities or financial position.
According to data compiled by Argaam, Alramz announced in February that it had received 94 white land fee invoices totaling SAR 35.33 million for land plots it owns in Riyadh and associated with projects under development. At the time, the company said it would apply to the relevant authority for the applicable statutory grace periods pending completion of the development works on these plots.
