Latest news with #Qawaem
Gulf Insider
18-05-2025
- Business
- Gulf Insider
Saudi Arabia Warns Firms to Submit Financial Statements or Face Fines
Businesses in Saudi Arabia have just weeks left to submit essential financial information or they face fines. The Ministry of Commerce has urged all companies with a fiscal year ending in December 2024 to submit their financial statements by Monday, June 30, 2025, to prevent financial penalties under the Companies Law. The ministry stated that Article 17 of the Companies Law stipulates that companies must prepare and submit their financial statements within six months of the fiscal year's end, in accordance with national accounting standards. Saudi accounting deadline It also noted that responsibility for submission lies with the company's president, manager, or board chairman, depending on its legal structure. Submitting financial statements ensures regulatory compliance, clarifies company performance and operations, and promotes transparency and good governance. It also helps avoid legal penalties, keeps shareholders and partners informed, and strengthens the company's credibility with lenders and investors. The ministry stressed that failure to prepare or submit financial statements in accordance with the approved standards and legal provisions will result in financial penalties under Article 262 of the Companies Law. Companies are required to submit their financial statements electronically via the Qawaem platform.
Zawya
04-03-2025
- Business
- Zawya
Alandalus Property sells prime Jeddah project stake to Saudi Tourism
Saudi-based Alandalus Property Company has announced that it has signed an agreement to sell its entire stake in its key Jeddah project - Manafea Alandalus for Development and Real Estate Investment (Al Marwa Center) - to the Saudi Tourism Development Company. This is in exchange for the waiver of the sale of its entire stake of 3,500 cash shares, representing 70% of the capital of its subsidiary, Manafea Alandalus for Development and Real Estate Investment. Manafea Alandalus is a major player in the management, operation and leasing of commercial centres and malls in the kingdom. With this deal, Saudi Tourism Development Company has become the full owner of Al Marwa Center, said Alandalus Property Company in its filing to Saudi bourse Tadawul. The contract stipulates that the payment will be made in three installments as follows: *First Installment: SAR5,000,000 to be paid upon signing contract. *Second Installment: Also of SAR5,000,000 to be paid upon the transfer of shares and amendment of the Articles of Association. *Third Installment of SAR5,000,00 will be paid upon the approval and submission of the financial statements on the Qawaem platform and their acceptance, as well as the completion of the handover process to the company management. The move is in line with the company's strategy to maximize returns for its shareholders and enhance financial efficiency, it stated. According to Alandalus Property, the funds obtained from this transaction will be used to finance the company's ongoing and future projects. The financial impact will appear in the company's statements starting from the first quarter of DY2025, it added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Argaam
27-02-2025
- Business
- Argaam
Alandalus sells entire stake in Manafea Alandalus for SAR 15M
Alandalus Property Co. signed, today Feb. 27, a contract to sell its entire stake of 3,500 cash shares, representing 70% of the capital of its subsidiary Manafea Alandalus for Real Estate Development Co. to Saudi Tourism Development Co., the partner and the owner of the remaining shares in the company. Under the contract, the payment will be made in three equal installments of SAR 5 million each. The first installment is due upon signing contract, the second is payable upon the transfer of shares and amendment of the Articles of Association and last installment will be earned upon the approval and submission of the financial statements on 'Qawaem' platform and their acceptance, as well as the completion of the handover process to the company's management. The financial impact of this transaction will appear in the company's financial statements starting from the first quarter of 2025, Alandalus Property said in a statement to Tadawul. Manafea Alandalus is engaged in the management, operation and leasing of commercial centers and malls. The book value of Manafea Alandalus as of Dec. 31, 2023 stood at SAR 17.38 million. The following table shows Manafea Alandalus' net profit (loss) for the last three years: The deal comes in line with the company's strategy to maximize returns for its shareholders and enhance financial efficiency, the statement added. The funds obtained from this transaction will be used to finance the company's ongoing and future projects, Alandalus Property noted, indicating that no related parties are included in the deal.
