<Maher Saleh Jamal, Chairman of the Board of Directors of the Chamber of Commerce and Industry in Makkah, endorsed the proposal following a debate that took place in the real estate committee of the Chamber in its session held recently, between supporters and opponents of the proposal launched by committee member Yousef bin Awad Al-Ahmadi, who called for the establishment of a hall dedicated to real estate auctions in Makkah, whose work is limited to hosting auctions for the liquidation of real estate contributions and charitable endowments free of charge, in addition to holding auctions related to the atomic, investment, and hopeful endowments. <In the opposite direction, Bandar Hamida, a member of the committee, rejected the idea to prevent monopolization and threaten real estate offices, companies and institutions in the holy capital operating in Makkah's real estate markets, saying, “The establishment of the hall will contribute to the monopoly of Umm Al-Qura auctions,” demanding that any real estate auction be on the land of the plan or the property offered for sale. Hani Bamakos, a member of the committee, pointed out that there is a custom among real estate professionals, investors and land and real estate owners that requires the auction to be held on the land of the plan, or next to the property, which helps the buyer to know the nature of the property he wants to bid on."

The difference of views on the real estate auction hall did not prevent the members of the real estate committee in the Chamber of Commerce and Industry in Makkah from agreeing to prevent the holding of any real estate auction related to the liquidation of real estate contributions, charitable endowments, endowments, atomic and investment endowments, public property, liquidation of estates, and new plans in other cities, based on the fact that holding the auction in the city of the property is a legal requirement, so that those wishing to buy stand on the nature of the property and to achieve the benefit of the concerned authorities from the private sector in entering and organizing these auctions.

Real estate auctions.