• The organising committee also reserves the right to withdraw any horse from the auction for reasons it considers appropriate
The Ministry of Finance will auction 16 Arabian horses owned by the Amiri Diwan on October 28 at Bait Al Arab (Arabian Horse Centre) in Subhan, offering bidders an opportunity to acquire the horses under conditions governing payments, collection and auction procedures.
According to an announcement published in the official gazette, Kuwait Alyawm, the auction will take place at Bait Al Arab, opposite the Hunting and Equestrian Club. Each horse will be offered individually, with details provided on its name, breed, sex, age and health condition.
The ministry has stipulated that successful bidders who do not collect their horses on the day of the auction must pay at least 25 percent of the winning bid. Those collecting their horses on the same day must settle the full amount before taking possession. Buyers must collect their horses within five working days of the auction. Failure to meet the deadline will result in cancellation of the sale contract and confiscation of both the amount paid and the horse, according to the announced conditions.
The bidding increase will depend on the value of each horse. Bids for horses valued at up to 1,000 dinars must increase by 50 dinars, while the minimum increase will be 100 dinars for horses valued between 1,001 and 3,000 dinars. For horses valued at 3,001 dinars or more, the increase will be 200 dinars.
The successful bidder must also pay the auction commission immediately after the sale. The commission is set at 30 dinars for a horse valued at 1,000 dinars or less, and 3 percent of the horse’s value if it exceeds 1,000 dinars. The auction rules prohibit the concealment of any defects in the horses. The organising committee also reserves the right to withdraw any horse from the auction for reasons it considers appropriate.