Taiba Holding announces the update of the lawsuit filed by Tiba and its subsidiary Arab Company for Touristic Areas (Arak) regarding the objection to the values of compensation for the removal of some of the property of Taiba and Arak

Further to the above announcement on 13/03 / 1433H corresponding to 06/03/2012 including the declaration of the Arab Company for Tourist Areas (Arak), one of the subsidiaries of Taiba Holding, which owns 86.81% of its capital, objected to the value of the compensation for expropriation of the two pieces of land 2091, 2092), which was built by the Madinah Aramas Hotel for the expansion of the western square of the Prophet’s Mosque. On Sunday, 25/04 / 1433H corresponding to 18/03/2012, the appointed session – previously announced – was held by Arak’s lawyer. For the next meeting on Tuesday 25/05/1433 H corresponding to 17/04/2012 to complete consideration of the proceedings of the case, will be Alan later from any provisions issued in this regard. The meeting was held on Sunday 25/04/1433 H corresponding to 18/03/2012 for the claim of Taiba Holding Company filed with the Administrative Court of Madinah regarding the objection to the estimated amount of compensation for plot No. 5061 owned by Taiba Holding located in the central region. Atta’s lawyer attended the session and a meeting was scheduled for Sunday, 08/06/1433 H corresponding to 29/04/2012 to complete consideration of the proceedings of the case, and will be announced later on any provisions issued in this regard.