Taiba receives SAR 6.67M white land fees invoice

Taiba said its is assessing the optimal use of the land to maximize value for shareholders

Taiba Investments Co. received an invoice for white land fees totaling SAR 6.67 million.

In a statement to Tadawul, the company said it will address the invoice in accordance with the applicable laws and regulatory procedures.

Taiba is assessing the optimal use of the land to maximize value for the company and its shareholders, the statement added.

The company also said the financial impact of the fees will be recognized in accordance with the applicable accounting standards.

According to Argaam data, the company announced last September that it owns 60,000 square meters of land in Riyadh subject to the first tranche of the White Land Tax at a 10% rate.

In January, the company received several white land invoices totaling SAR 2.96 million.