Saudi real estate investments may continue to flow out
According to Al-Riyadh newspaper (August 2, 2005), Mr. Salman Abdullah Bin Saeedan, Chairman of the Board of the Bin Saeedan Real Estate Company, warned the Ministry of Commerce and Industry and the Chamber of Commerce and Industry from preventing reviewing the execution of the new real estate joint stock enterprises system.
If the new system is not executed, Saudi real estate investments will continue to immigrate out of the Kingdom. By interrupting the re-review of the real estate joint stock enterprise system, the ministry and the chamber will cause the departure of SR 60 billion worth of Saudi and Emirates real estate investments, the specialist said. He also accused the two sides of causing many real estate companies to face financial difficulties.