Inmar Company For Real Estate Development and Investment Announces the Receipt of White Land Fees Notices

The Company clarifies that the lands subject to these invoices are included within its land portfolio and fall within the geographic scope subject to the application of the fees. These lands have commenced development works, and the Company is currently working on completing the required development requirements in accordance with the relevant laws and regulations.

Accordingly, the Company will recognize the amounts related to these invoices as financial liabilities in accordance with the approved accounting standards, and their impact will be reflected in the Company’s financial statements for the relevant period.

The Company further states that it is currently reviewing the fee invoices and completing the necessary regulatory procedures in this regard. Given that these lands are under development, the Company believes that they do not fall within the definition of white land.

The Company also intends to submit a request for an additional period to complete the development works as stipulated in the regulations and will follow up on the required regulatory procedures in this regard.

The Company affirms its full commitment to transparency and disclosure in accordance with the relevant laws and regulations, in a manner that serves the interests of shareholders.