The Real Estate Shareholding Commission Decides the Re-Sale of Dorrat Al Khobar Land in the Public Auction

20 Oct 2014
​The MCI Real Estate shareholding Commission has decided to re-sell the land of Dorrat Al Khobar contribution in the Eastern Region in the public auction, during the first quarter of next year, after the end of the judicial procedures that caused the delay of transferring the ownership in favor of the previous buyer, who had been relieved by the Real Estate Commission upon his request.
The above mentioned commission, headed by H.E. the Minister of Commerce and Industry, has reviewed the legal study of its previous decision and the related developments regarding the sale of the above mentioned land by sealed envelope system, where the delay of some judicial  procedures and the expiry of the deadline of transferring the ownership in favor of the buyer, had caused him to ask for the withdrawal, so the Commission agreed to do so and called for re-selling the land through public auction at its ninety sixth meeting dated 14.6.1435.
It is worth mentioning that the land of such contribution has a unique location on the sea shore of the Arabian Gulf, it is considered as one of the most important tourist and entertainment projects in the Gulf, located on a total area of up to one million and a half square meters. The land has a strategic location, being close to the city of Khobar and it is next to many tourist and recreational projects.
Since the land has been developed to a very high percentage that may reach up to 90%, the investors will take advantage of the sale on the map system, which will be organized by MCI. In fact, the land will be the preferred option for investors in the tourist and recreation sector.
Last Modified 26 Dec 2018