Al-Hamadi Secures 80M Riyals for Riyadh Transit
Al Hamadi Holding Company has received compensation of approximately 80 million Riyals from the Royal Commission for Riyadh City as a result of expropriating a part of the land it owns, measuring 9,670 square meters, at the intersection of Jaber Al-Sabah Street and Takhassusi Road. This action was part of development efforts for major road corridors in the capital. The company had purchased the land for 171.3 million Riyals in November 2024 with the intention of establishing a hospital. Under the compensation, it will recognize an extraordinary gain of 7 million Riyals, despite the land’s book value being 184.2 million Riyals. The company will conduct an assessment of the financial and regulatory impacts resulting from the land expropriation, and if there is any significant impact, it will be disclosed later.
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