Tiba announces to be informed by the Development Authority of Medina the value of compensation for the plot No. (5061) and the building of the city hotel Aramas

Taiba Holding announces that it has received on Wednesday 27/07/2011 by the Development Authority of Medina about the amount of compensation due to the expropriation of the plot of land No. (5061) east of the Prophet’s Mosque owned by Taibe (106,771,080) one hundred and six million seven hundred and seventy-one thousand Which means a profit of (59,771,080) fifty nine million seven hundred and seventy-one thousand and eighty-eight thousand riyals, as well as the amount of compensation due to the expropriation of the city hotel Aramas, located on the two plots of land (No. 2091 and 2092) west of the mosque The company is owned by the Arab Company for Tourist Areas (Arak), which is one of the subsidiaries of Taibah Holding Company with a total value of (439,601,613) four hundred and thirty-nine million six hundred and one thousand six hundred and thirteen riyals with a carrying value of (271,194,768) two hundred and seventy-one million one hundred and ninety-four thousand seven hundred and sixty- Which means to make a profit of (168,406,845) one hundred and sixty-eight million four hundred and six thousand eight hundred and forty-five riyals, and that the good began to complete the procedures for obtaining compensation for the plot of land No. 5061 in the amount of (106,771,080) one hundred and six million and seven hundred And the financial impact of this compensation is expected to be reflected on the financial statements for the third quarter of this year 2011, God willing. As for the compensation of the City Hotel Aramas for (439,601,613) four hundred and thirty-nine million six hundred and six hundred and six hundred and thirteen riyals has been To benefit from the development of Madinah that will be postponed until after the end of the pilgrimage season this year 1432 H and the financial impact of this compensation is expected to be reflected on the financial statements of you and therefore to Taibah Holding for the first quarter of 2012 that the expropriation of the Hotel City Armas will not Affect the company’s share in the hotel market in the city of Medina where they will be opening a new hotel in the central area of ​​the city of Medina in the first quarter of 2012, God willing.