“Takhzeen Services” to Pay Aljazira REIT Fund SR5.2 mln –Court Ordered

In its capacity as manager of the Al-Jazira REIT Fund, Al-Jazira Capital Markets Company said that it had received a preliminary judgment deed, in favor of the fund on September 19, 2021, with the subject matter (claim for property rent) filed against it Takhzeen Support Services Company.

The defendant Takhzeen Support Services company was ordered by Riyadh-based General Court to hand over to the Fund, a sum of about SR5.2 million, representing the value of the tenant’s unpaid rental payments.

However, the plaintiff’s demand for value added tax, was dismissed due to a lack of jurisdiction.

On the other hand, the defendant’s request for a pay reduction was denied.

The court has told the two parties that they have thirty days, from the date of the judgment pronouncement, to file their objections, if any.

In a statement issued today on Tadawul website, the firm stated that it expects the impact of this event to be favorable for the fund’s cash dividends, if the final judgement is upheld, and that any important developments, in this respect, would be published in the future.