Large turnout at auction

Organizers did not expect such a large turnout and had to call police to maintain order. Court-appointed case auditor Saleh Al-Naeem told those interested in participating in the auction to register their names by producing bank guarantees.
The chaotic registration process delayed the auction on the first day. On Tuesday, registration will start at 10 a.m. Organizers said Monday that the auction process would improve considerably in the next two days. Arab News found a number of women wanted to participate in the auction.
Only a few plots were sold before Maghreb prayers on Monday.
The event showed that a large number of people are interested in buying land. They include government employees, teachers and other professionals.
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 at close of auction on Monday.
Authorities have removed all legal problems related to the plots with a total area of nearly one million square meters put on the block. This encouraged a large number of people to participate in the auction. The price of commercial land went up to SR2,000 per square meter.
Al-Naeem said investors would be paid in installments, adding that a quarter of their lost money would be given to them after the auction.
As part of the arrangements, a bidder will have to deposit a check for SR100,000 for each plot he intends to bid for upon entering the auction hall and will receive a ticket allowing him to participate.
Al-Ajhouri has been in prison in Jeddah and Riyadh for the last 28 years after being convicted of swindling more than SR1 billion from 8,765 investors from 37 countries in fake real estate investments.