Ruwais Real Estate Development Company has said it has set up work committees to determine the compensation due to owners of property scheduled to be cleared for development works in the central Jeddah district. The company said that the move will see evaluation conducted by representatives from the ministries of Justice and Finance, the Makkah Emir's Office, the Mayor's Office in Jeddah, and Chamber of Commerce and Industry members and real estate specialists. Property owners have the choice of compensation through share options or money equal to the value of their properties, or becoming partners in the project and accepting part returns, or receiving alternative housing through the easy housing scheme. A company representative said the procedures for evaluation were “fair and follow strict standards”. “The work committees are very knowledgeable and experienced and are from various government departments with a connection to the project,” he said. “The procedure is not simply concerned with market values but also the humanitarian aspect and specific social conditions. The company has allocated 50 million riyals for owners of real estate of low value to help them obtain extra sums by which they can acquire a suitable housing unit through the alternative housing project.”
