Saudi Steel Pipe settles Dammam land deal for SAR 211M

Logo of Saudi Steel Pipe Co. (SSP) 

Saudi Steel Pipe Co. (SSP) signed on April 28 a settlement agreement with the sellers of three land plots in Dammam, originally purchased in 2010.

In a statement to Tadawul, SSP said that under the signed settlement, the land purchase transaction was canceled and nullified.

The sellers refunded the purchase price paid by SSP and compensated the company for damages at SAR 211 million in cash.

SSP said the financial impact of the settlement will be reflected in its Q2 2025 financial statements.

The company added that the sellers released SSP from any claims related to the land or ownership deeds and assumed all rights and obligations tied to the petition filed with the Ministry of Justice.

SSP clarified that the plots were not part of its production facilities.

Saudi Steel announced in February 2021 the revocation of electronic title deeds for several land plots in Dammam, according to Argaam's data.

The company stated the land was purchased on Feb. 13, 2010, from a real estate office in the Eastern Province, under a written agreement executed per official procedures and in full compliance with Saudi laws.

In May 2021, the company petitioned the Ministry of Justice’s relevant committee to reactivate the electronic deeds for the Dammam plots.