Taiba Holding Co. said a land lease agreement between its 86.47 percent-owned subsidiary, the Arab Resort Areas Company (ARAC), and Al-Ula Municipality has been terminated.

 

Accordingly, the company has waived both the property and the land it was built on to Al-Ula Municipality.

 

The land was leased for the purpose of building Al Ula Arac Resort, the company said in a statement to Saudi bourse, Tadawul.

 

No material financial impact will be reflected on earnings of either Taiba Holding or ARAC, as the value of property built on the land was fully depreciated.

 

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