Saudi Cabinet grants Nadec ownership of used land parts

National Agricultural Development Co. (Nadec) said it received a letter from the Ministry of Environment, Water and Agriculture on June 23 issuing a Royal Order to grant ownership for parts of lands the company has been using in Wadi Al Dawasir, Hail, and Al Jawf.

According to a bourse statement, the sizes of these plots are as follows:-

-Wadi Al Dawasir: 269.2 million square meters (sqm)

-Hail: 193.1 million sqm

-Al Jawf: 72 million sqm

The land deeds will be finalized over the coming period, and the company will reveal the expected financial impact in due course.

In February 2019, the Saudi Cabinet decided to grant the agricultural companies ownership of the reclaimed land plots, provided that those companies should deliver the remaining parts, Argaam reported.