Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co. (Al Arabia) announced that a preliminary ruling by Jeddah’s 13th administrative circuit was issued in favor of the company, according to a statement on Tadawul.
The ruling obliged the Jeddah Municipality to repay SAR 75.89 million as compensation for the rental amounts paid to Jeddah Municipality for sites that were not handed over to Al Arabia in the Megacom billboards contract.
In addition, Jeddah Municipality has been obligated to pay an amount of SAR 1 million as compensation for legal fees incurred by Al Arabia.
The statement clarified that the lawsuit against Jeddah Municipality was previously disclosed in the company's prospectus before its listing.
The preliminary ruling is subject to appeal by Jeddah Municipality within 30 days from the date of receiving the ruling, which was determined by the circuit as August 2, 2023.
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