SSP Settles Dammam Land Dispute, Receives SAR 211 Million Compensation

Saudi Steel Pipes Co. (SSP) announced on Tuesday that it has reached a settlement with the sellers of three land plots in Dammam, originally purchased in 2010. As part of the agreement, the transaction has been fully cancelled, with the sellers refunding the original purchase price and paying compensation for damages. The total settlement amounts to SAR 211 million in cash.

In a statement to Tadawul, the company noted that the financial impact of the settlement will be reflected in its Q2 2025 financial results. The sellers have also released SSP from any claims related to the land or associated ownership deeds and have assumed all rights and responsibilities related to a petition filed with the Ministry of Justice.

The disputed land was not part of SSP’s production facilities.

SSP previously disclosed on February 14, 2021, that the electronic title deeds for the plots had been revoked on legal grounds unknown to the company. On May 5, 2021, it submitted a petition to the Ministry of Justice requesting the reactivation of the cancelled deeds.