Emaar Properties comments on financial impact of land sale in Saudi Arabia

This announcement was made to comment on news circulated around the land

  
A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. Image for illustrative purposes.

A logo of Dubai's Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. Image for illustrative purposes.

REUTERS/Ahmed Jadallah

Dubai – Mubasher: Emaar Properties confirmed that cancelling the title deed of land in Saudi Arabia did not have any financial impact on the company, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

This announcement was made to comment on news circulated around the land, once owned by Emaar in Saudi Arabia.

The company referred that the land is not owned by Emaar or its subsidiary since 2016 when the company has split from its partners in Saudi Arabia.

Hence, the value of the land was not registered in the company's consolidated financial statements in 2019.

Source: Mubasher

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