More than SR1 billion has been returned to investors as part of liquidation of the giant real estate project Juzur Al-Bundiqiya (Islands of Venice), said Saleh Al-Nuaim, who mans the project's legal counter. “So far we have refunded money to 7,500 investors and we want to pay off another 1,000 investors,” Al-Nuaim said. The 21-million-square-meter project along the Corniche here was floated in 2005. It is being scrapped by Royal order after financial and administrative irregularities surfaced and also because the developer, Al-Diraibi Group, did not have the required license. The developer has reportedly collected more than SR2.56 billion from more than 15,000 investors. Al-Nuaim said Arab National Bank is handling the pay-out process. “We are still working on the contracts of the remaining investors.” “Many contributors who had transferred their projects from Al-Ka'kiah, Jawharat Al-Shark and North Bridah have received their money,” added Al-Nuaim. “We are asking other investors to submit their transfer documents.” He said he has started a website listing the names, amounts invested and other relevant data on investors. “The new website has the names of all those who have received their money,” Al-Nuaim said. “If any contributor sees his name registered in the site but has still not received his money, he should check his account number to make sure that all the procedures had accurately been done.” Al-Nuaim appealed to investors who have got their refund checks to submit their papers to Arab National Bank so as to facilitate procedures to collect their money. The Jeddah general court is still in discussion over the time frame for the developers and investors to submit the relevant documents to Arab National Bank. Money not registered with the Bank would be deposited in the Jeddah general court. __
