Al-Andalus Property announces the latest developments on the AlJowhara AlKobra Project
|Previous Announcement||AlJowhara AlKobra Project|
|Date of Previous Announcement on Tadawul's Website||2019-02-11 Corresponding to 1440-06-06|
|Event's Expected Completion Date||According to the report received from the developer partner , the Construction of the project is expected to be completed by the 2nd quarter 2022G, God willing, and the project is expected to commence operations by the 3rd quarter 2022G.|
|Reasons for Exceeding the Announced End Date||Amendment of designs, delayed final licenses, disruption due to the precautionary measures taken by the Kingdom to combat Corona virus.|
|Expenses Related to the Event, Whether They Changed or Not and Justification||According to the mentioned report of the partner developer, there is no change in the cost of the project.|
|Impact of the Delay on the Company's Financial Results||N/A|
|Additional Information||• Title deed of the project's land has been transferred to the project’s company (AlJawhara AlKubra Real Estate Development and Investment Co.), with ownership distributed as follows: |
• Alandalus Real Estate Co. 25% .
• Jarir Commercial Dev. Co. 42%, and Mohammed AlHabib and Partners Real Estate Investment 33% (related parties).
• The company will announce significant developments related to this project in due course.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.