Taiba Holding announces the receipt of the Arab Company for Tourist Areas (Arak)

Further to the above, announced on 26/8 / 1432H corresponding to 27/7/2011 and dated 29/8 / 1432H corresponding to 30/7/2011 AD, which includes informing the Development Authority of Medina for the Arab Company for Tourist Areas (Arak) Taiba owns 86.81% of its capital – in the amount of compensation due to you for the expropriation of the building of the City Hotel Aramas, which is based on the plots of land no. (2091 and 2092) owned by the central region of Madinah, and referred to the financial impact and consequent reflection on the financial statements For the Arab company for tourist areas (Arak) and therefore a good quarter For the year 2012, Taibah Holding is pleased to announce the receipt of the Arab Company for Tourist Areas (Arak) on Sunday, 21/02 / 1433H corresponding to 15/01/2012 for the amount of compensation of SR 439,601,613, As the estimated value of the building in question does not represent its fair value at the time of the estimate, which Taeiba had previously feared during the presentation of the risk report in the Board of Directors ’20th report for 2009 and the Board of Directors’ report for 2010 that Taiba faces the risk of assessing its real estate and corporate real estate Its affiliate has published a book The Arab Company for Touristic Regions (Arak) decided to object to the value of the assessment by resorting to the administrative court and instructing its lawyers to do so, and to announce in the future any judgments issued On that. On this occasion and further to the previously announced on 21/21 / 1432H corresponding to 21/08/2011 for a good decision to object to the value of land estimate No. (5061) owned by Taibeh, which was expropriated in favor of expanding the eastern square of the Prophet’s Mosque, To the Administrative Court and the assignment of its lawyers to do so, was on 24/09/1432 H corresponding to 24/08/2011 to file a lawsuit with the Administrative Court in Madinah in this regard and is being considered by the Administrative Court in Madinah and follow up deliberations and attend its meetings before A good lawyer will be announced in the future for Yeh provisions issued on the merits of the case in question.