A court ruling on state real estate in Saudi Arabia worth 586 million dollars

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A court ruling on state real estate in Saudi Arabia worth 586 million dollars


Tuesday – 9 Rabi Al Thani 1442 AH – 24 November 2020 AD


Governor of the General Authority for State Properties Ihsan Bafqih (SPA)

Riyadh: «Middle East Online»

The General Court in Makkah Al-Mukarramah issued a judicial ruling in favor of the General Authority for State Real Estate with a value of 2.2 billion riyals ($ 586 million), after previously paying the sums to divest two properties in Makkah.
Governor of the General Authority for State Real Estate, Ihsan Bafqih, stated that this case that the authority has won in court is the first of its kind of this size, and it concerns two properties that were removed in a project in Makkah Al-Mukarramah, appreciating the support of the Minister of Finance and Chairman of the Board of Directors Muhammad Al-Jadaan.
Bafqih said that the State Real Estate General Authority will continue to apply standards of transparency, fairness and governance in the standards of expropriation, establish controls for valuing real estate, and fulfill its tasks in preserving state real estate and contribute to protecting public funds, including studying similar files and instruments that are tainted by observations and statutory violations that require correction. According to a transparent regulatory framework and a set of specifications and standards necessary to achieve reliable governance of state real estate.

Saudi

The Saudi economy



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