Saudi Real Estate recovers 50 million riyals in advance to establish...

Saudi Real Estate recovers 50 million riyals in advance to establish...
Saudi Real Estate recovers 50 million riyals in advance to establish...

The Saudi Real Estate Company announced the collection of an amount owed to it, amounting to 50 million riyals, according to a certified check issued by the Execution Court in Riyadh.

The Saudi Real Estate Company said in a statement on the Saudi Tadawul that the amount represents the recovery of an advance payment in the agreement to establish a real estate fund, which has not been established, concluded on June 26, 2015.

And “Saudi Real Estate” added that the payment was paid to the Saudi Metallis Real Estate Development Company Ltd., a party to the agreement, in exchange for owning units in the fund that was to be established.

She indicated that this amount was created for it in accordance with accounting standards during the years 2018, 2019 and 2020, and accordingly, the financial impact resulting from collecting the amount will be positive on the list of profits and losses.

And she expected the financial impact to appear from recovering the value of the advance payment on the company’s financial statements during the fourth quarter of 2021.

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