<The Ministries of “Municipal and Rural Affairs” and “Justice” revealed that they have approved the real estate identification agreement between their ministries, in order to integrate and facilitate the work mechanism, in line with the requirements of the Kingdom's Vision 2030, recognizing the importance of real estate ownership and preserving the progress achieved by the Kingdom in facilitating the procedures of registration and transfer of real estate ownership. (Real Estate Identity)

Real Estate Identity and Ownership Number

The two ministries explained that the real estate identity number is a special number given to the real estate property and ensures that there is no duplication in the deeds and no overlapping of ownerships, pointing out that the real estate identity aims to shorten a set of procedures, accelerate the approval of plans and raise the level of efficiency of completion, ensure the accuracy and integrity of information, justice and transparency, by applying agreed standards and controls, in addition to adopting a real estate identity that identifies the details of the land, in an approved and reliable way for all parties.

Real Estate Identity.

Adopting a unified model to prove real estate identity

In a recent joint statement, the two ministries explained that based on the results of the ongoing meetings between the specialized working teams in both ministries, and after adding the real estate identification number to the new instruments, it was agreed to adopt a unified model for the governance of real estate identification proof, which includes defining and synchronizing procedures, rules, standards and objective and technical controls for verifying ownership and issuing cadastral decisions.

The two ministries agreed to adopt a unified model for the governance of real estate identification proof, which includes defining the procedures and synchronizing them, and the objective and technical rules, standards and controls for verifying ownership and issuing cadastral decisions.

Electronic Linking of Joint Tasks

<The statement added: “The two ministries agreed to electronically link the tasks related to the work of the two ministries to facilitate work and ensure speedy completion,” the statement added, noting the formation of a permanent steering committee from the two ministries headed by the Undersecretary of the Ministry of Justice for documentation and registration of real estate and the Undersecretary of the Ministry of Municipal and Rural Affairs for land and surveying to follow up the implementation of the agreed tasks and overcome any obstacles, as well as the formation of support teams whose tasks include periodic reports on work progress.

The statement added.

Some links to news and reports from Amlak Real Estate Newspaper Issue 187

Real Estate Identity - Real Estate Projects - Investment Opportunities -

Real Estate Finance - Aramco Stocks - Building and Construction - Real Estate Identity

Editor-in-Chief Abdulaziz Al-Issa explains the story behind Amlak Real Estate's logo

Minister of Trade and Investment allocates land in Riyadh, Jeddah and Sharqiya to establish international exhibition and conference centers

Administrative Judiciary Council decides to amend the wording of the project to consider grievances against real estate expropriation decisions

“Tourism Authority” enumerates the advantages of the National Tourism Monitoring Platform at the Riyadh Chamber

Public Authority for Real Estate inaugurates its new headquarters and discusses the latest developments of the real estate registration projects, real estate brokerage, and real estate contributions

Residential platform receives more than 15 million visits, including 702 thousand downloads of the application

The Kingdom's transportation sector jumps to first place in the world in terms of ease of doing business

Al Rajhi REIT acquires educational properties with a purchase value of 210 million riyals

Malakia Investment Company acquires Riyadh hotel apartments worth 50 million riyals

Saudi Arabian Business Magazine recognizes Riyad Bank as “Fastest Growing Bank in 2019”

Ejar program closes 2019 with 570,000 leases and 48,000 inspections

Minister of Housing calls on the private sector to support the Good Housing Initiative

Real Estate Identity

Minister of Housing during the budget program: 14 billion riyals for the building technology incentive program and support for Saudi construction factories

Minister of Housing during the budget program: We exceeded the 2019 targets. “Completion” approved 99 plans. The owners" association system will be issued soon

Majid Al-Haqeel: 1.8 billion riyals of white land fees to be pumped into infrastructure projects in the housing sector

Al Rajhi Bank concludes "Corporate Credit Risk Management Program“

Ministry of Finance Signs Agreement with Saudi Investment Bank to Develop Covenant Disbursement Method

CMA approves 30% shares of Amlak International Real Estate Finance

Enmaa Bank Passes Global Business Continuity Benchmark

Reports expect 1.22 million homes to be financed during Vision 2030

Analysis. Saudi REITs are positive for 9 months

Analysis

As of the end of November 2019, more than 69 billion riyals worth of mortgage loans to individuals from financial institutions

Shura Council calls on Kafalah to develop financing incentives to encourage investment in industry, technology and services

Public Pension Corporation intends to develop and invest 100 thousand square meters. In agreement with Riyadh Capital

UNDP provides technical support for "Development Housing" initiatives

Rusaifa Jewel Housing Project on schedule

12 banks and 5 finance companies shortened the mortgage journey

Housing program offers its services to employees of the Ministries of ”Trade" and "Municipality and Rural Development“

Real Estate Identity