Construction

Tasfiah announces $1bn sale of Al Qatif beach in KSA’s Eastern Province

5 million sqm beach on Tarout Island sold in public auction

Saudi Real Estate Contributions Commission (Tasfiah) has announced the successful sale of the Al Qatif beach, for $1 billion in a public auction in the governorate of Al Khobar, in the Kingdom’s Eastern Province, it has been announced.

According to a report by the Saudi Press Agency, the beach covers more than five million square metres on Tarout Island, one of the oldest settlements in the Arabian Gulf. It added that the deal is one of the largest real estate transactions in the Kingdom.

Tasfiah said that so far, a total of $3.99 billion has been reached as a return to shareholders through its public auctions and sale of land contributions.

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