'SoumTech' Platform

"SoumTech" platform is an electronic platform specializing in holding auctions related to assets to be liquidated and sold. It was launched in 2023. It is accessible to service providers, including promoters and advertisers.

"SoumTech" platform operates under the supervision of the Entrustment and Liquidation Center (Infath), according to its rules and regulations. It is the fifth platform launched by the center. Electronic auction platforms contribute to offering solutions in line with the technological advancement witnessed by the Kingdom of Saudi Arabia, ultimately supporting the achievement of Saudi Vision 2030.

The Entrustment and Liquidation Center (Infath) is a government center and one of the initiatives of the National Transformation Program. It oversees the liquidation of assets, including entrusted properties and moveable assets, where it seeks to accelerate the collection of rights and enhance beneficiary satisfaction upon appointing specialists from the private sector.

"SoumTech" platform is a key tool for holding electronic and hybrid auctions. It offers the option of holding an electronic or in-person auction, as per the choice made by the beneficiary, ultimately ensuring a higher participation rate. It leverages registration and auctioning processes automation and documentation in favor of achieving the highest degree of transparency and operational efficiency.

"SoumTech" platform also offers the option of registering the buyer and adding the "deposit" fees rather than submitting a certified check. It also enables viewing assets and sorting them per province, town, property or moveable asset type, before engaging in auctioning and following up thereon from anywhere via a laptop, tablet, or smartphone.

"SoumTech" platform closed several auctions, most notably the Tabuk Residences Auction, al-Maali Auction in Ramah, Liwan Auction in Jeddah, Green Hills Auction in Riyadh, Manafea al-Riyadh Auction, The Future of the Western Region Auction in Jeddah, Wahj Auction in Riyadh, Rawasi Makkah Auction in Makkah al-Mukarramah, Al Bustan Blueprint - Group V Auction in Hail, and Origins of Najd Auction in Shaqra.