Saudi Arabia: $23.9bn Al Rajhi estate goes on sale

The consortium chosen to negotiate and liquidate the Al Rajhi estate will be entrusted with assets and properties distributed in several major cities in the Kingdom worth $23.9bn

NEWS, Business, Rajhi bank, Real estate, White land tax saudi

A higher court in Riyadh is preparing to award one of four legal and accounting coalitions bidding to liquidate estates belonging to Sheikh Saleh al Rajhi, Al Iktisadiah daily reported.

The consortium chosen to negotiate and liquidate the Al Rajhi estate will be entrusted with assets and properties distributed in several major cities in the Kingdom worth $23.9bn (SAR90bn). 

The process of evaluating the proper candidates took over a year,  where more than 20 licensed accounting and legal went through highly intricate qualification processes based on a number of legal, accounting and various other criteria and parameters.

The move falls in line with the application of the “White Land” tax which will charge owners of undeveloped properties 2.5% of the value of the acres.

Observers believe the Al Rajhi sale will have a big impact on property values -  forcing more sales and putting a downward pressure on price inflated real estate throughout the Kingdom, the daily added.

Sheikh Saleh al Rajhi co-owns Al Rajhi bank with his younger brother Suleiman bin abed el Aziz.

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