There has been much discussion in the media, on websites, and in public forums about stalled investments, as well as the loss or suspension of shareholders’ rights. Is it reasonable that some of these investments have been pending for more than thirty years? For example, but not limited to this, there is the contribution of Al-Ghazal Real Estate Office, which dates back to 1400 AH, that is, thirty-four years ago, as well as the contribution related to the former Al-Ateer land (currently the Al-Safwa development in Riyadh), which began in June 2003 CE. The examples are numerous and countless.
The contributors are the rightful owners; some have reached the point of despair, while others have entrusted their affairs to God Almighty and are waiting, because they have no choice but to wait, repeating the poet’s words: “Tomorrow is near for those who look forward to it.”
Nearly 400 stalled projects—this is a large and staggering number—and only a few of them have been liquidated so far. The high number of distressed investments indicates that there is a flaw that must be addressed—perhaps a flaw in real estate legislation, whose fragility has negatively impacted the clarity of the relationship between investors and the owners of the investments.
The Contributions Committee at the Ministry of Commerce is making commendable efforts; it has been working for some time to review these defaulted contributions and take the necessary measures regarding them, having already identified them and taken strict action against some of them. May God assist the committee, for the issue is thorny and complex, given the involvement of several entities in cases of defaulted contributions, such as the Ministries of Interior and Municipal and Rural Affairs, the Saudi Arabian Monetary Authority, and the Ministry of Justice, Furthermore, the fact that some contributions are currently before the courts, or that others are located outside the Kingdom’s borders, may cause the liquidation process to take a long time.
Shareholders have not lost hope of recovering their funds from these defaulted investments, as they expect the Ministry of Commerce’s Investment Committee to restore their rights—rights that will not be forfeited, no matter how long or short the time may be. The committee is working beyond its capacity (may God assist it), as it is in a race against time; a great deal of work awaits it, and the investors are also waiting for it.