Saudi company declared legal owner of land plot in Ras al Khaimah
Ras al-Khaimah Magistrates Court approved on May 30 that the Saudi Company "AL Mawashi" is the legal owner of a 170,000 square meters land plot in Ras al-Khaima Emirate, in the United Arab Emirate. According to the Kuwaiti newspaper, Al-Rai al-Aam, the company has owned this land plot since the 1970s. It is expected that the land will be re-evaluated soon by specialized real estate bodies. Its updated value is expected to be tens times higher than the one registered at present in the company's account books, since real estate prices in Ras al-Khimah rose significantly since the time of the purchase.
It should be mentioned that "Al-Mawashi" is one of the largest companies in the region for trading and transport of livestock.