JEDDAH: Victims of a real estate scam await a court decision on how they will be compensated, 27 years after they were conned.
The Court of Grievances will decide whether to allow a public auction on a plot of land belonging to fraudster Fuad Al-Ajhouri in north Obhur on Tuesday.
Legal auditor Saleh Al-Naeem told Arab News he expects the court to allow an auction.
He also claimed a price of SR500 per square meter was being touted for the land, which was much higher than predictions from other real estate agents.
Al-Naeem said he was expecting huge crowds of investors from within and outside the Kingdom to attend the public auction if approved, adding he had received calls from interested buyers in the Gulf region.
Head of real estate businessmen in Jeddah, Abdullah Al-Balawi, said that there were 324 land plots in the area that would be a very attractive investment.
At a price of SR500 per square meters, the smallest piece of land in the area would cost around SR300,000. Land surrounding the plot could cost as much as SR1,000 per square meter in the event of an auction, he added. It will take around two months to prepare any auction.
“The auction is very important for us businessmen and will reflect positively on nearby land prices,” Al-Balawi said.
Investors were relieved after Custodian of the Two Holy Mosques King Abdullah intervened in the long-running case, which has been ongoing since 1983. Victims of the fraud have died waiting for the case to be resolved.
