Related Announcement from Taibah Holding Concerning the Update of the Claim Concerning the Objection to the Value of the Compensation for Expropriation of the Plot (5061)

Further to the announcement of 05/10/1435 H corresponding to 06/01/2014, Taiba Holding announced its recent objection to the decision of the Ministry of Finance regarding the value of Taiba Holding’s holding of land plot No. 5061. The primary judgment of the competent department of the administrative court in Madinah on 20/2/1435 H corresponding to 23/12/2013 which requires the cancellation of the decision of the Ministry of Finance containing the estimate of the property referred to and owned by Taiba Holding Company No. 48/1/8 dated 06/07/2010, 1427H and obligate the Ministry of Finance to re-estimate the value of the property in accordance with the system of expropriation of real estate for public benefit Where the respondent – the Ministry of Finance – objected to it within the prescribed statutory time limit. On 24/05/1435 H corresponding to 25/03/2014, the judgment of the Administrative Court of Appeal in Makkah Al Mukarramah area was approved, which includes the ratification and endorsement of the ruling issued by the competent department of the Administrative Court in Madinah, which means that the judgment has become final and enforceable And thus obligate the Ministry of Finance to reassess the value of the property according to the system of expropriation of real estate.