Omar Malhas, the chairman of the board of directors of the Social Security Investment Fund, stated that the value of the lands bought by the fund in the first and second phases in Umrah city amounted to 172 million dinars.
Malhas added during a meeting of the Committee on Labor, Social Development and Population on Sunday, that the fund purchased 16,000 dunams in the first phase at a cost of 5600 dinars per dunam, noting that the administrative value according to the Land and Survey Department is 8000 dinars per dunam. The fund also bought 40,000 dunams in the second phase of the project at a cost of 2100 dinars per dunam, noting that the administrative value is 3000 dinars.
Thus, the fund increases its proportion of real estate investments from its total investment portfolios from 4.9% to 5.9% after purchasing part of the lands of Umrah city.
Malhas confirmed that the government did not intervene in the decision to purchase the lands in Umrah city, and it is the fund's decision for long-term investment up to thirty years.
