The Ministry of Commerce and Industry has affirmed that it will not be lenient in implementing the directives of the Custodian of the Two Holy Mosques regarding the liquidation of companies and the restoration of shareholders’ rights, and that it will be strict in enforcing these directives and in dealing with those who misuse shareholders’ funds, emphasizing that anyone proven to have committed fraud, embezzlement, or obstructed the committee’s work will face legal action.
This came in a statement issued recently after the Real Estate Contributions Committee, chaired by the Minister of Commerce and Industry, Dr. Tawfiq bin Fawzan Al-Rabiah, decided to hold a public auction to sell land in Makkah belonging to Salah Al-Nafisi’s contributions on the 24th of Dhu al-Qi’dah corresponding to September 30, in the Palace Ballroom at the Hilton Jeddah Hotel. This is considered one of the most anticipated auctions due to the size of the investment and the number of shareholders, which exceeds 6,000.
The committee explained that the public auction was held after the Real Estate Contributions Committee at the Ministry of Commerce and Industry assumed responsibility for liquidating Salah Al-Nafisi’s contributions following a directive from His Majesty to the committee to that effect.
The Makkah land contribution site is distinguished by its large area of approximately one million square meters. It is located within the boundaries of the Haram, about 12 kilometers from the Grand Mosque, and lies directly on the Makkah-Jeddah Expressway for a length of 800 meters, which facilitates access and egress, along with integrated infrastructure in the areas surrounding the project as well as municipal services.
Furthermore, an approved plan for residential and commercial use has been issued for the land by the Municipality of the Holy Capital, which will increase competition among investors seeking to secure this investment opportunity.