Approval has been granted by the highest authorities to make amendments to the operating procedures of the Real Estate Contributions Committee as part of efforts to expedite the resolution of these cases. The amendments stipulate that the committee shall take all legal and regulatory measures, including those that contribute to preserving the rights of shareholders and restoring them in the most appropriate manner—whether by selling the contribution directly at its current value, selling it through a public auction, or waiting for the approval of the contribution plan, or continuing with development work depending on the status of each contribution. The Committee is also authorized to file lawsuits before judicial and quasi-judicial bodies at all levels, as the Committee deems necessary to serve the interests of the shareholders.
Any person against whom the Committee has issued a decision may file an objection with the competent court at the Board of Grievances within a period not exceeding sixty days from the date of notification of the decision or the date of its publication in two local newspapers.
If the Committee subsequently completes the sale, it shall forward the share certificates and documents to the notary public for the transfer of title.
It is worth noting that since the start of its operations, the Committee has recovered 11 billion riyals as part of comprehensive efforts to restore the rights to delinquent shares to their rightful owners.
While the total number of defaulted investments since the 1980s stands at approximately 600, 300 have been liquidated and the rights restored to their owners, while approximately 250 contributions remain under review, and dozens of contributions fall outside the Committee’s jurisdiction because they were filed with the courts at an earlier stage, with the Council of Ministers’ Committee of Experts, or with the regional emirates.
To expedite the resolution of cases Cabinet approves amending the mechanism of the Real Estate Contributions Committee
