(MENAFN- Saudi Press Agency) Riyadh, June 26, 2022, SPA -- The Saudi Ministry of Justice has organized 43 real estate e-auctions worth SAR 155 million (nearly USD 41 million) since the beginning of 2022.“The e-Auction platform has 21,242 registrants bidding directly in the auctions,” the MoJ said.
In a statement to Saudi Press Agency (SPA), the ministry disclosed that since the launch of the platform through the Support and Liquidation Center, the value of auctions has exceeded three billion riyals. The court refers the auction to the judicial sale agent, who enters the auction information into the platform. The auction procedures are performed electronically, including registrations, verification of eligibility and solvency, and conveyance of property.
The platform facilitates the management of the liquidation process for movable and immovable properties and offering them electronically in open auctions. In line with Saudi Vision 2030, the platform supports transparency and equal opportunity.
--SPA
20:14 LOCAL TIME 17:14 GMT
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