By Badea Abu Al-Naja
Saudi Gazette
MAKKAH — A special panel in Riyadh General Court has completed processing cases related to partnership transactions in 83 faltering real estate projects.
The Real Estate Shareholding Committee was constituted last year at the behest of Justice Minister Dr. Waleed Al-Samaani. Last month, the panel issued preliminary judgments in several real estate shareholding cases including a plot of land near the Grand Mosque, which faltered for more than seven years.
Some of the judgments included precautionary seizure of real estate in order to preserve and protect the rights of all shareholders.
One of the judgments stated that a disputed plot of land located near the Grand Mosque must be sold after liquidating the partnership venture. The market value of the plot is estimated at SR700 million.
According to the ministry, the partnership transaction was illegal and against Cabinet decisions No. 220 and No. 274.
The committee is currently reviewing 245 spurious real estate shareholding transactions. A source in the ministry said some of the 83 transactions processed last month date back to 40 years.
