MCI Real Estate Committee Concludes Arjuan Scheme Auction, with Expected Returns up to 200%

23 Mar 2013
Minister of Commerce & Industry Dr. TAWFIG FAWZAN ALRABIAH, who is also the Chairman of MCI Real Estate Committee, reaffirmed here that the committee is working, continuously, to properly, reclaim the rights of subscribers in stalled real estate schemes, pointing that the reclaim is an uphill job, however the committee is exerting its utmost effort to cope with.
Speaking, following patronizing over an auction to liquidate the scheme, he added that the committee expects the extra profits of returns would exceed the target of 200%, pointing to a beyond expectations huge attendance as an encouraging indicator to the public confidence in the committee.
the venue of the auction at Madariem Crown hotel, at Al-Falah quarter, giving to King Khalid International Airport, Riyadh, has witnessed a crowd of subscribers as well as investors, alike.
The auction was concluded of selling the land plots, in the scheme for SR 232 million, with the highest bid at SR 3040 pre a meter, the lowest at SR 2300 and at an average bid of SR 2500.
He announced, during a press conference, at the sidelines of the auction, Dr. ALRABIAH said that the Ministry of Justice is fully, in collaboration with MCI, to concluded the case file of stalled schemes, pointing to the common challenges facing both ministries, in this regard, as they have to settle them with the partners or the subscribers, pointing that the Minister of Justice is in a direct contact with MCI and is keen that all parties shall receive their, just rights, as they are taking stalled scheme problem, as a priority, he stated. Magistrates, too, are keen to apply justice, expressing appreciation of the Ministry of Justice, in this respect.
Stalled scheme are very complicated issue, as it witness differences between partners, face a lot of suits before the committee, especially that the Custodian of the Two Holy Mosques, is in full keenness to defend the rights of all parties, following up every step towards this end, as it is else, in comparison to other ordinary schemes.
On the other hand, the auction took place at 4 P.M. up to 9. P.M., with the committee' secretariat general stipulation that a purchaser shall pay 90% of the land plot value, on awarding it to him, in a cheque withdrawn for the name of the real estate committee, in addition to another cheque of 2.5% for the advantage of Al-Rimaih Holding Company, as a commission (of the go-between).
Last Modified 26 Dec 2018