Saudi Gazette report

RIYADH — The Estate Contributions Commissions (Tasfiah) announced on Sunday the largest real estate sale worth more than SR4 billion in Saudi Arabia.

The deal was concluded through a public auction held in Al-Khobar Governorate to sell the entire contribution land on the Qatif beach in the Qatif governorate.

Tasfiah confirmed that the procedures would be completed as soon as possible in preparation for the disbursement of shareholders’ equity.

It is noteworthy that the area of Qatif beach land on Tarout Island exceeds 5 million square meters.

With this deal, the total area of land sold by Tasfiah since its formation reached more than 57 million square meters of shareholding plots of land in various regions of the Kingdom.

Tasfiah has so far returned a total of more than SR15 billion to shareholders through public auctions and sale of land contributions.