​MCI auctioned 50% of Awalli Stalled Plot Project, in Makkah

10 Oct 2012
Under the chairmanship of the Minister of Commerce and Industry Dr. TAWFIG FAWZAN ALRABIAH, a meeting of the Real Estates Committee of the Ministry held here on Wednesday announced selling of 50 percent of Makkah-situated Al-Awalli stalled plot project, in a direct auction for the bidders, at more than SR 113 million, i.e. SR 350 per a
The selling is a huge step towards the total liquidation of the whole plot project, prior to refunding the shareholders' rights as well as disbursing their accrued profits, later on, following a routine accountancy relating tasks, expected to be done, as soon as possible.
The size sold spreads out through as vast as 640 thousands sqm. Earlier in the month, the committee has endorsed the direct selling as a suitable mechanism to solve the stalled project.
Hamad Al-Mussa, eventually, emerged as the winner.
Last Modified 26 Dec 2018