The Real Estate Contributions Committee has completed the liquidation of 100 defaulted contributions, either through the direct sale of the properties involved in those contributions, through public auctions held by the Committee to sell the land associated with those contributions, or through settlements with the contribution holders, settling shareholders’ rights and submitting financial reports following the completion of the liquidation of 100 investments by the end of the first half of 2014.
The Committee has completed the disbursement of shareholders’ rights for all liquidated holdings by transferring funds directly to the shareholders’ personal accounts; this followed the updating of their information with the banks contracted to open a separate account for each holding, Transfers of shareholder entitlements for 22 holdings began during the first half of 2014, bringing the total number of shareholders who have received transfers since the Committee began its work to 21,866, with total entitlements amounting to 4,281.452,036 riyals, which has been disbursed to date, leaving 3,591 shareholders awaiting the update of their information so that their funds and entitlements can be transferred directly.
During the first half of this year, the committee succeeded in selling real estate properties belonging to the real estate investment schemes known as “Tamoor Al-Mamlakah” and “Ard Shalala” through real estate auctions, as well as selling properties “Al-Madina Center” and “Ard Al-Tashlih in Jeddah” through direct sales, after the Committee had announced, well in advance, that it was accepting offers from those interested in purchasing these properties directly. The sales generated total proceeds estimated at more than 431.3 million riyals, bringing the total proceeds from the sale of properties belonging to liquidated real estate investment funds to more than 5.6 billion riyals.
Dr. Tawfiq bin Fawzan Al-Rabiah, Minister of Commerce and Industry and Chairman of the Real Estate Contributions Committee, expressed his appreciation for the support and guidance of the Custodian of the Two Holy Mosques—may God preserve him—in liquidating real estate contributions through the committee formed within the Ministry of Commerce and Industry, with the participation of relevant authorities, and for thecommittee has found—which has resulted in the restoration of the rights of shareholders who were harmed by the prolonged stagnation of these contributions, which lasted for more than 10 years in total.
This was stated in the committee’s semi-annual report for the current fiscal year 2014, which was released and included the achievements made by the committee over the past six months, The committee held 27 meetings during that period, chaired by the committee chairman and attended by committee members representing relevant authorities such as the Ministries of Interior, Finance, Justice, and Municipal and Rural Affairs, During these meetings, the committee discussed 116 issues related to real estate contributions that have been settled, as well as 252 contributions that the committee is still reviewing.
In its report, the committee expressed its intention to liquidate a new batch of contributions in the coming days by holding auctions in the cities of Abha and Taif.