MBC Group signs a land ownership agreement with Al -Diriyah Company

Today, the MBC Group Company signed a land transfer agreement with Al -Diriyah Company regarding the transfer of ownership and the development of a number of lands located in the Diriyah project in the city of Riyadh.
The company said in a statement on the circulation of Saudi Arabia: “The two parties agreed under the agreement to transfer the ownership of a specific land within the Diriyah project located in the city of Riyadh to the company or to a subsidiary fully owned by the company, so that the lands will be developed after that by the Diriyah Company under the detailed development business agreement that will be concluded between the company (or its relevant subsidiary) and the Diriyah company in a timely manner that will organize the rights and obligations of the company (or its relevant subsidiary company) Al -Diriyah Company regarding the development work that will be implemented in the lands.
Al -Diriyah Company will carry out, according to the final development business agreement, all the development and construction work of land related to land, based on a timetable that is agreed upon between the two parties.
The two parties agreed that the purpose of the transfer of land ownership is to develop it in accordance with the provisions of the final development business agreement that will be concluded between the two parties at a later stage, in order to be a major headquarters for the company – including (for example and not limited to). Between the parties in the final development business agreement or any other agreement that concludes between them in this regard.
The agreement included a number of provisions and obligations related to land ownership, including the company’s commitment to the main complex regulations in the Diriyah project, and the requirements and restrictions of rental to others, in addition to carrying any taxes or fees related to the transfer of land to the company (if any) and all the services fees and expenses and facilities fees that apply to the company as a property owner within the Diriyah project.
The land transfer process (including all the rights and obligations associated with it) is completed to the company (or its relevant subsidiary) when issuing its ownership instruments in its name, and the expected total area of ​​the land will reach (138,352) square meters.
The agreement shall take place from the date of its signing and for the full period of the company’s land.
The financial impact on land transport on the company’s financial statements will be reflected after the transfer. As for the financial impact associated with the final development agreement, it will be determined after the signing of the final development business agreement and the company will announce it at the time.