Real estate auctions of the estate of Sheikh Saleh bin Abdulaziz Al-Rajhi, may Allah have mercy on him, continued to restore confidence in the real estate market, as the second auction in Jeddah, in western Saudi Arabia, achieved remarkable success with the sale of two commercial centers with a total area of18.869 square meters, for a total value of 385 million riyals. The public auction was held today, Saturday, the 17th of Sha’ban 1438 AH, corresponding to May 13, 2017 AD, at the Laylati Hall in Jeddah, in the presence of a large number of Saudi and Gulf businessmen and investors, under the supervision of the Ministry of Justice.
The auction opened with a speech by Sheikh Saad Al-Ghunaim, Vice Chairman of the Real Estate Liquidation Council for the estate of Sheikh Saleh bin Abdulaziz Al-Rajhi, may Allah have mercy on him, in which he highlighted the strength of the Saudi economy and the support and encouragement it receives from the country’s leadership. Al-Ghunaim explained during his opening remarks that the Liquidation Council has earned the trust and confidence of the judicial authority responsible for liquidating the estate of Sheikh Saleh bin Abdulaziz Al-Rajhi (may God have mercy on him), and had been entrusted with the task of faithfully liquidating the estate through cooperation and collaboration among several consortia that combine expertise and professionalism. He affirmed that the Council seeks, by the will of Allah, to complete the task and achieve the noble objectives of the estate’s liquidation.
Meanwhile, His Excellency Mr. Abdulaziz Al-Rashid, General Manager of Itqan Real Estate Company— the company marketing the properties and organizing the auctions, that all bidders who participated today had obtained a bidding card before the auction began, submitted their checks for admission, and met the requirements for entering the auction. Al-Rashid explained that the Jeddah auction witnessed fierce competition among real estate businessmen and investors, as the auction began at 5:30 p.m. with bidding on the Al-Andalus Center, known as the ”Al-Suhaili” Center ,” which is located at the intersection of Al-Andalus Road and Al-Maadi Street near the waterfront, the Corniche, and King Abdullah bin Abdulaziz Square. It has a total area of 9,566 square meters, and was sold to Al-Rajhi Financial Company for 197 million riyals.
Following that, bidding began on the Saudi Business Center and the adjacent land, which is located at the intersection of Madinah Road and Abu Bakr al-Siddiq Road, covering a total area of 4,111 square meters and comprising 14 floors, while the adjacent land covers 5,219 square meters. The center and the land were sold to a group of Sheikh Saleh Al Rajhi’s sons—led by Abdulwahab, Nayef, Abdulaziz, and Saud—for 188 million riyals.
A number of businessmen praised Itqan Real Estate Company’s organization of the auction and the Liquidation Council’s oversight of its proceedings. Attendees emphasized the smooth conduct of the auction despite the intense competition, which demonstrates the professionalism of the organization and the desire for success.
Regarding the upcoming auction, the general manager of ”Itqan” —the company marketing the properties—that it will take place in Riyadh. The date has been set for Saturday, 24 Sha’ban, corresponding to May 20, and the auction will be dedicated to the Al-Quds development, which is the first of Al-Rajhi Real Estate Estate’s auctions to feature residential and commercialin one of the most renowned developments in the Al-Quds neighborhood east of Riyadh. The development, with a total area of (707,946) square meters, comprises: ( 476 ) residential plots, and (87) commercial plots. The auction will be held on-site at the development for individual plots and blocks, Mr. Abdulaziz Al-Rashid explained that agreements have been reached with several banks to provide financing options for those wishing to participate in the auction, in order to facilitate the purchase and ownership of properties within the development. Participation in the auction requires obtaining a bidding card before the auction begins and the personal attendance of the buyer or their legal representative, as well as issuing a bank check made out to ”Proceeds from the Liquidation of the Estate of Saleh Abdulaziz Al-Rajhi” in the following amounts: Fifty thousand riyals to bid on a single lot, and five hundred thousand riyals to bid on a single block.
He confirmed that corporate or individual investors wishing to participate in the auctions may contact the Liquidation Board by calling the unified call center at 920001019 or by visiting the permanent real estate exhibition located in the capital, Riyadh, on King Fahd Road, south of the
