A higher court in Riyadh is preparing to award the negotiation and liquidation of the $23.9 billion (SAR 90 billion) Al Rajhi estate to one of four accounting and legal coalitions, Al Eqtisadiah daily reported.
The estate is owned by Sheikh Saleh Al Rajhi, co-owner of Saudi Arabia’s Al Rajhi bank.
A list of 20 coalitions was narrowed to just four after a year-long qualification process.
The move is in line with the kingdom’s new white land tax, which levies a 2.5 percent tax on undeveloped land.
The sale of the Al Rajhi estate, which has assets and properties in several cities across the kingdom, should force more sales and lower real estate price inflation, the report said.
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