The Ministry of Finance had warned the National Real Estate Company of severe consequences citing the need to hand over the Waterfront Project – Phase Three (Souq Sharq), including facilities and all that was built on the project’s land, before Monday, March 6.
The ministry indicated in its warning, which was received by “National Real Estate” last Thursday that in the event the company refrains from implementing the decision the eviction will be carried out by force, reports Al-Rai daily.
The company in its reply to the warning called the decision null and void saying the threat of eviction by force cannot be carried out legally.
In a separate disclosure, NREC stated that the Finance Ministry had alerted the company that it would hand over the Bay Resort project to a management company.
And it showed that handing over the project in this way does not have a negative financial impact on the company’s financial statements.