Due to the low price per square meter and the failure to reach a fair price, the Real Estate Contributions Committee at the Ministry of Commerce and Industry was forced yesterday to suspend the public auction for the sale of the “Jawhara Al-Ahsa” “East Al-Hofuf,” approximately one hour after the auction began.
Ibrahim Al-Haidari, the committee’s director of public relations and marketing, stated that the price per square meter did not exceed 35 riyals, for a total value of 70 million riyals across a total area of 2 million square meters. Al-Haidari noted that the committee plans to form a special committee to review three key procedures behind the low prices at the auction, with the aim of identifying the cause of the discrepancy: the valuation procedures, the sale procedures, and the organizational procedures. Al-Haidari explained that the plan will be re-launched once the reasons for the low prices have been identified
