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FINANCIAL NEWS
Saudi Arabia to pay USD124.18m for confiscated property
14 Apr 2015
(MENAFN) The Saudi Arabian Ministry of Municipal and Rural Affairs is set to confiscate a total of 749 properties, costing the country a sum of about USD124.18 million, the minister said, Arab News reported.
The move is set for evolving flood projects, road works and regulating neighborhoods. Thus, in Makkah alone, the ministry will take 10 properties, with an overall cost of USD9.59 million for flood projects.
In Madinah, 41 possessions are going to be taken, with an accumulated cost of around USD532.9k, in order to regulate several neighborhoods into the Kingdom’s well-made structure.
In Riyadh, 4 properties are set for confiscation to expand certain roads and 9 properties to regulate several governorates; a total of 38 properties are set to be confiscated with a sum of USD13.43 million.
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