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Several plots of land around the Grand Mosque in Madinah are to be auctioned.
Marwan Fahmi, who heads the panel responsible for developing the area around the mosque, said a total of 11 plots will be auctioned. These include two pieces of land measuring about 1,722 sq m each.
Bids for the first plot, 8 m away from the Grand Mosque, will begin from SR100,000 per sq m. The price for the second piece of land will begin from SR90,000 per sq m, Fahmi said.
The other nine plots of land will be auctioned at prices between SR10,000 and SR25,000 per sq m. One of these plots covers an area of 21,000 sq m.
A winning bidder in one auction will be automatically disqualified from the remaining auctions. There are no restrictions on how the winner will utilise the piece of land.
The committee has so far sold or leased out an estimated SR2,744 billion ($731 billion) worth of land in auctions in Madinah. In a previous auction, the panel raised SR27.5 million from three out of 13 plots.
Land near the Grand Mosque in Madinah is in great demand among Saudi investors.
