<The Real Estate Contributions Committee (Tasfiqa) has implemented decisions to disburse the amount of “1,507,804,144 riyals” to shareholders in several contributions in a number of regions of the Kingdom; after many procedures to preserve the rights of shareholders in real estate contributions, including preparing legal, accounting and engineering studies, issuing the necessary decisions, filing lawsuits, completing the sale, emptying and collecting the amounts.
Tasfeeha has started disbursing to shareholders in several real estate contributions, including the contribution of Al Shorouk cities in Riyadh, the contribution of Diriyah land in Diriyah Governorate, Al Gharbal contribution in Jeddah Governorate, East Al Khayatiya contribution in Qatif Governorate, Airport Jewel contribution in Dammam City, and Al Faihaa scheme contribution in Al Ahsa Governorate.
It is noteworthy that the total amount recovered by the committee, which consists of the Governor of the General Real Estate Authority as chairman, and members representing the Ministries of Interior, Finance, Justice, Municipal and Rural Affairs, and two experienced and specialized; since its formation until now more than 11 billion riyals, and work is still underway to liquidate and finalize the remaining real estate contributions.
The tasks of the committee are to consider all existing real estate contributions ”licensed and unlicensed” at the time of the issuance of the Council of Ministers Resolution No. (220) dated 22/8/1426 AH, and to commission any legal accountants to prepare a financial position for each contribution, prepare detailed reports including the shareholders“ register and their financial rights and the legal and technical aspects of the contribution, submit periodic reports on them, and follow them until their liquidation in order to preserve the rights of shareholders.
The Committee shall assign any contribution to a legal liquidator - if the Committee deems it justified - and may refer to the competent judicial authorities who are found to be fraudulent, unresponsive or misusing the contribution funds, and determine the fees and expenses of the accounting, legal, engineering and other offices used by the Committee. In addition to preparing a semi-annual report on its work, submitting it to the Council of Economic and Development Affairs, and preparing a mechanism for its work that enables it to preserve the rights of shareholders and liquidate these contributions, based on its mission to implement regulations and decisions and implement the committee's work mechanism to serve the purpose for which it was established.
Tasfeeha has started disbursing to shareholders in several real estate contributions, including the contribution of Al Shorouk cities in Riyadh, the contribution of Diriyah land in Diriyah Governorate, Al Gharbal contribution in Jeddah Governorate, East Al Khayatiya contribution in Qatif Governorate, Airport Jewel contribution in Dammam City, and Al Faihaa scheme contribution in Al Ahsa Governorate.
It is noteworthy that the total amount recovered by the committee, which consists of the Governor of the General Real Estate Authority as chairman, and members representing the Ministries of Interior, Finance, Justice, Municipal and Rural Affairs, and two experienced and specialized; since its formation until now more than 11 billion riyals, and work is still underway to liquidate and finalize the remaining real estate contributions.
The tasks of the committee are to consider all existing real estate contributions ”licensed and unlicensed” at the time of the issuance of the Council of Ministers Resolution No. (220) dated 22/8/1426 AH, and to commission any legal accountants to prepare a financial position for each contribution, prepare detailed reports including the shareholders“ register and their financial rights and the legal and technical aspects of the contribution, submit periodic reports on them, and follow them until their liquidation in order to preserve the rights of shareholders.
The Committee shall assign any contribution to a legal liquidator - if the Committee deems it justified - and may refer to the competent judicial authorities who are found to be fraudulent, unresponsive or misusing the contribution funds, and determine the fees and expenses of the accounting, legal, engineering and other offices used by the Committee. In addition to preparing a semi-annual report on its work, submitting it to the Council of Economic and Development Affairs, and preparing a mechanism for its work that enables it to preserve the rights of shareholders and liquidate these contributions, based on its mission to implement regulations and decisions and implement the committee's work mechanism to serve the purpose for which it was established.
