- JEDDAH: The auction for selling 308 plots of land owned by Fouad Al-Ajhouri, the man who swindled more than SR1 billion in a real estate investment scam, ended at Le Meridien here on Tuesday with sales of all plots at a total cost SR143.58 million.
Court-appointed case auditor Saleh Al-Naeem told Arab News that the special arrangement made for auction on Tuesday had played a big role in facilitating the process. He disclosed plans to auction Al-Ajhouri's Madinah land with an area of14,000-square meters.
"We'll divide the land into small plots with the aim of attracting more people and achieving good profits," he said, adding the returns from the auctions would be given to shareholders. He said the money received from Jeddah auction would be distributed among shareholders on the basis of their shares.
A large number of people turned up for Jeddah auction. Small residential and commercial plots were on sale. The first plot of land, covering an area of 625 meters, was sold for SR850 per square meter after bids opened at SR600. As many as 95 plots with a total value of SR49 million were sold on Monday.
