RIYADH: A five-million-square-meter beach in Saudi Arabia’s Eastern Province has been sold for over SR4 billion ($1 billion), in what was described as one of the largest real estate transactions in the Kingdom.

Saudi Real Estate Contributions Commission, known as Tasfiah, has concluded the sale of the Al Qatif beach in a public auction in the governorate of Al Khobar, the Saudi Press Agency reported.

The beach covers more than 5 million square meters on Tarout Island, one of the oldest settlements in the Arabian gulf.

Tasfiah has so far reached a total of SR15 billion as a return to shareholders through its public auctions and sale of land contributions.

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