Do you think that Bayt.com were right when they have given chance to the people to promote their C.Vs by money?

No, because again it boils down to money, all should have the same chance where possible.

Is it fair that a highly qualified engineer should lose on a position simply because a poorly qualified engineer had more money?

its a job search engine to help find a job not to ask for money for those people whoe are jobless and this only implies that if you will not pay then your cv will just stuck in the system even if you are qualified. you will only get the same response that it was already sent to employer or recruiter you don't know if it was sent or not...

its feel like money talks !!!!

From my experince ... even if you paid $10K you will not increase your chance to get the job. 

Thank you  Alka Verma, but some says in this way gradually only the people who have money will have the chance to be viewed by the employers  Do you agree ?

No, but  it depends on the person capability if they need support  to promote their C.V by spending some money on it then off course yes.