Tasfiah announces sale of 5-million-sq-m Saudi beach for $1bn
RIYADH, January 23, 2022
Saudi Real Estate Contributions Commission (Tasfiah) has announced the successful sale of the Al Qatif beach in a public auction in the governorate of Al Khobar, the Saudi Press Agency reported.
The beach covers more than 5 million sq m on Tarout Island, one of the oldest settlements in the Arabian Gulf. It has been sold for more than SR4 billion ($1 billion), in what has been described as one of the largest real estate transactions in the kingdom.
Tasfiah has so far reached a total of SR15 billion as a return to shareholders through its public auctions and sale of land contributions.
