Alakaria Recovers SR50 mln Payments in Agreement to Establish Not Established Real Estate Fund

The Saudi Real Estate Company(Alakaria) announced on Tuesday the collection of (50) million Saudi riyals owed to it, according to a certified check issued by the execution court in Riyadh, which represents the recovery of an advance payment in the agreement for the establishment of a real estate fund – which was not established – concluded on 26.06.2015, which the Saudi Real Estate Company paid to Saudi Limitless Real Estate Development Company Ltd. (a party to the agreement) in return for owning units in the fund that wasn’t established.

The company indicated that this amount has been allocated according to accounting standards during the years of 2018, 2019 and 2020, and accordingly, the financial impact resulting from collecting the above-mentioned amount will be positive on the statement of profits and losses, and it is expected that the financial impact from recovering the value of the advance payment will appear on the company’s financial statements during the fourth quarter of 2021.