Real Estate Contributions Committee recovers 6.5 billion riyals for affected shareholders

Real estate contributions

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The total amounts recovered for those affected by the troubled real estate contributions amounted to about 6.5 billion riyals, revealed the Real Estate Contributions Committee, adding that work is currently underway to finalize 177 other contributions, indicating that it faces many obstacles in the work, most notably the procrastination of the owners of the contributions, despite the graduated penalties imposed on them.

The committee indicated that it is currently following up the authorization of the deed of the Salman Bay contribution in Jeddah with the competent authorities. The committee indicated that it is currently following up with the competent authorities to clear the deed of the Salman Bay contribution in Jeddah, while the contributions of the Venice Islands, Eid and Friday are out of its jurisdiction.

The committee noted that the contribution of Jeddah Shadows is currently in the Court of Execution, the contribution of Al-Malaysa land was issued by a Supreme Order and is currently being finalized, and there is an issue with the deed of the contribution of Al-Faihaa plan and a study has been submitted in order to lift the marginalization and update the deed.

The committee noted that it is following up the approval of the Salman Bay contribution with the competent authorities.