The Ministry of Finance's Branch in the Eastern Province announces offering a lease of (residential and commercial) state-owned lands for auction, as shown below:
|Amount Required||Auction Date||Area (M2)||Location ||Property Name |
|SAR 5,000||18/07/1432 AH ||1,767.15 m2||Ash Shweikah ||Al Dughaimiyah|
|SAR 10,000||18/07/1432 AH ||715.44 m2||Al Bahari ||Al Waqef|
According to the following conditions:
- The bidder shall be a Saudi national and attach a copy of the original civil status card.
- A bid security shall be payed in cash. The bid security should be released at the end of the bid validity period for the unqualified bidders.
- The contract term is (15 fifteen years) from the site handing over date after the approval of the MOF.
- If the bidder withdraws after being awarded, the bidder shall not be entitled to claim the refund of the financial guarantee, and the MOF has the right to confiscate it.
- The lessee shall keep the land from encroachments, shall not rent it or any part of it, and shall not construct any buildings on it without the approval of the MOF.
- The land is leased for (commercial) purposes. If the Ministry approves the lease, the site will be handed over to the lessee under a lease contract.
- All fixed and immovable buildings constructed on the land shall be devolved to the State at the expiry of the contract term (15 fifteen years).
- The rent value for the first year shall be paid in advance and at the beginning of Muharram of each Hijri year for the following years.
- The bidders shall follow up with the competent authorities, determine the activity for which the land is to be leased and ensure that they can obtain the necessary permits for the desired activity. The MOF is not responsible for any delay in obtaining such permits.
- The successful bidder shall provide a bank guarantee amounting to (15%) of the annual rent value for the entire contract term.
- The auction will be held at 10:00 AM, according to the dates shown in the above statement, at the premises of the MOF's branch in the Eastern Province.
- Those who wish to enter the auctions and get their land and are inspected before the auction date, and to obtain further information, please attend in person at the MOF's branch in the Eastern Province, Tel: 833111, EXT: 444, the MOF's Office in Al Qatif, Tel: 8551547.