Trading in industrial lands ‘unacceptable’

Minister of Commerce and Industry Tawfiq Al-Rabiah said yesterday that his ministry would not tolerate trading in industrial lands.
The ministry, he said, would seize all industrial lands from the investors who are not complying with the agreed terms. “These lands are meant for serious investors.”
Al-Rabiah was speaking after unveiling the first plant to produce medium-power transformers, built at a cost of SR 120 million. The first plant of its kind in Saudi Arabia, it has been set up with Belgian partnership.
He explained that the ministry does not allow the transfer of industrial lands or making them part of commercial deals. Any serious investor, the minister said, is given the land suitable for him by the ministry and that there is no need to engage in buying or selling industrial lands using illegitimate means.
He said many cases of foul play in industrial lands have been discovered. There were also people who gave false information for the purpose of marketing these lands violating regulations.
Al-Rabiah said the Saudi Industrial Property Authority would turn down applications for setting up industries if they are based on illegitimate procedures.