We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 9 Jun 2014 06:53 PM

Font Size

- Aa +

Saudi gov't seizes Riyadh land plot from Saudi Telecom

1.05m sq m plot is valued at $28.1m but gov't has yet to tell telco what compensation it will receive

Saudi gov't seizes Riyadh land plot from Saudi Telecom

Saudi Arabia's Ministry of Finance has seized some land in the country's capital from the kingdom's former telecom monopoly Saudi Telecom Co (STC), a bourse filing said on Monday.

The 1.05 million square metre plot in Riyadh has a book value of SR105.3 million ($28.1 million), but the government has yet to tell STC what compensation it will receive for this land, the statement said.

The compensation level and financial impact will be disclosed at a later date, the statement added.

The government owns 70 percent of STC.

Arabian Business: why we're going behind a paywall

For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.