Month: March 2015

Attracting 300 companies. Saudi Plastics and Petrochemicals Exhibition

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Reading time: < 1 MinuteThe Saudi Plastics and Petrochemical Industries Exhibition 2015, which was opened by the Deputy Minister of Commerce and Industry for Industrial Affairs, Engineer Saleh Al-Salmi,recently at the Jeddah Forums Center, saw the participation of more than 300 local and international companies from several countries, most notably the United Arab Emirates, Turkey, China, Egypt, and India. During the exhibition’s opening, the Deputy Minister of Commerce and Industry for Industrial Affairs stated that the Kingdom provides incentives for investors … Read more

Issued a number of recommendations ... The Real Estate Systems Forum in Al-Ahsa'a calls for activating the mortgage system and simplifying property transfer procedures

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The Real Estate Systems Forum continued its work under the patronage of His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa, under the title “Modern Real Estate Systems and Their Role in Advancing the Real Estate Reality" in the presence of a group of Their Excellencies, academics, officials in the public and private sectors and businessmen interested in real estate affairs. The forum, which hosted more than 40 experts and specialists, dealt with 21 scientific and professional papers that included the following topics: Activating modern real estate systems, developing real estate documentation, liquidating real estate, inheritance between reality and hope, real estate issues and implementation obstacles, the real estate sector and ways to develop it, and organizing the real estate market.

All discussants and interlocutors emphasized the importance of the real estate sector issues that need wider opportunities for research and dialogue between investors and decision-makers to reach legislative formulas that are compatible with the future and ambition of the wise leadership in this country to increase investment opportunities in all fields.

Forum recommendations

After an extensive discussion during the forum's sessions, the forum came up with a number of recommendations, as follows:

First: The importance of activating the implementation of the mortgage system and drafting its executive regulations, and simplifying the procedures for transferring ownership of real estate through the development of regulations that regulate the proof of ownership and its transfer in order to achieve accuracy and speed of implementation.

Secondly: Work to develop a mechanism to ensure the speedy resolution of real estate disputes, including the development of a procedural system for the real estate courts whose establishment has been approved, and coordination between the Ministries of Justice and Municipal and Rural Affairs in all matters related to real estate affairs.

Third: Expediting the activation and implementation of the real estate registration system and recommending to the Supreme Court to establish judicial principles related to real estate.

Fourth: The importance of spreading awareness in real estate transactions and documentation, and highlighting the role of arbitration in shortening time and procedures, especially with regard to real estate contributions and inheritances.

Fifth: Finding a suitable formula for coordination between SAMA and the Ministry of Justice to work on standardizing financing and real estate registration forms.

Sixth: Addressing the Ministry of Municipal and Rural Affairs, represented by Al-Ahsa Municipality, to prepare an indicative real estate atlas for Al-Ahsa.

At the conclusion of this forum, Al-Ahsa Chamber, represented by the Real Estate Committee and the Lawyers Committee, extended its thanks and appreciation to His Highness Prince Badr bin Jalawi, Governor of Al-Ahsa, for his generous patronage of this forum and his unlimited support, and to Their Excellencies, Virtue and Excellency and all participants, including speakers, session managers and all guests participating in the attendance of this forum.

 

The 2nd Architecture and Interior Design Exhibition... Showcases the creativity of more than 150 exhibitors

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Reading time: 2 MinutesThe “Architectural Design and Decoration Exhibition 2” will kick off on April 7 and will continue through April 10 at the Four Seasons Hotel in Riyadh, under the patronage of His Excellency the Minister of Municipal and Rural Affairs, Engineer Abdul Latif bin Abdul Malik Al Sheikh, and the Saudi Council of Engineers, and organized by Sumo Organization. Stakeholders, interested parties, and experts in all fields of urban planning, engineering consulting, interior design, and accessories are eagerly awaiting the event… Read more

During the Real Estate Systems Forum. President of Al-Ahsa Chamber calls for the establishment of an independent real estate authority

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Al-Ahsa Chamber of Commerce and Industry Chairman Saleh Al-Afaleq By establishing an independent supreme authority for real estate that will be a constant reference for the sector's work, working to develop and follow up on the sector's work systems in line with the needs of the real estate market. This came in a speech he delivered at the “Real Estate Systems Forum” organized by Al-Ahsa Chamber  titled “Real Estate Regulations and their Role in Advancing the Real Estate Reality” sponsored by His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa The participation of the Ministry of Justice and the cooperation of a number of competent authorities. The call for the creation of an independent real estate authority comes in response to The challenges posed by the development of the real estate market in the Kingdom and the expected movement in it after the adoption of real estate regulations, including providing qualified national cadres to work in this sector and paying attention to training and qualification in all related professions.

“Aqari Real Estate Marketing earns 85 million from the Al Muzahmiyah scheme auction

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Reading time: < 1 MinuteSales at the auction held by Aqari Real Estate Marketing Company—part of the Salman bin Abdullah bin Saidan Real Estate Group—totaled 85 million riyals, with all plots designated for vacation homes and farms west of Al-Muzahmiyah Governorate sold out. The auction for the development, which spans an area of 4 million square meters and includes 376 plots of land suitable for use, saw strong interest from local residents and a number of individuals interested in establishing … Read more

The volume of bank loans for 2014 was approximately 1.3 billion riyals

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Reading time: < 1 MinuteThe volume of net loans at Saudi banks in the banking and financial services sector stood at approximately 1,266 billion riyals at the end of 2014. An analysis of the structure reveals that personal financing amounted to approximately 409.8 billion riyals, which is equivalent to 31.71% of net loans. Al Rajhi Bank accounted for the highest proportion of personal financing among the loans it extends to its customers at 75.41%, while the French bank … Read more

Confirming what was reported by Amlak, Mobily reveals the reason behind its recent loss of 1.133 million riyals

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Reading time: 2 MinutesConfirming what Amlak published yesterday on its website regarding Mobily’s commitment to disclose the reasons for its loss of 1,133 million Saudi riyals in the fourth quarter of fiscal year 2014, the Chairman of the Board of Directors explained that the reasons for the loss stem from the strict precautionary measures recently adopted by the Board of Directors to mitigate any risks in the medium and long term. The Chairman noted … Read more

Real Estate Systems Forum discusses real estate documentation issues in its second session

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Dr. Khalid Al-Hussain, Dean of the College of Law at King Faisal University in Al-Ahsa, chaired the second session of the Real Estate Regulations Forum, which focused on the development of real estate registration. During the session, Dr. Ahmed bin Abdulaziz Al-Omari, a judge at the Supreme Court, listed the obstacles facing real estate documentation, namely inconsistencies in title deeds, the history of neighborhoods, and large tracts of land. He emphasized that the Supreme Court must issue guidelines on this matter and resolving the delay in issuing title deeds due to the large number of cases and procedural delays. Therefore, courts should be electronically linked to the government agencies required to issue such documents, and special departments should be established for title deeds related to small properties and endowments, and clarifying the rulings and procedures that ensure property titles and proof of ownership are valid and enforceable in the event of a dispute, as well as modern real estate documentation.

For his part, Sheikh Abdulrahman Al-Bujaber noted that real estate registration has undergone significant developments since the establishment of notary offices in the Kingdom, most notably the abolition of fees previously imposed on real estate procedures and the elimination of the requirement for multiple witnesses in sales transactions involving government and private developments, with a single witness now sufficient for the woman, provided he is a mahram to her. Al-Bujaber added that among the measures the Ministry has implemented to develop real estate notarization is the provision regarding corporate contracts, which decouples the notarization of articles of incorporation, amendments, and corporate resolutions from the notary public whose office is located within the territorial jurisdiction of the notary public where the company’s headquarters is situated and issuing a documentation system so that notaries can perform the duties of a notary public in accordance with the provisions of the regulations governing documentation work.

 Dr. Omar Al-Khouli, a professor of law at the College of Law at King Abdulaziz University, noted the issuance of the «Mortgage Law» pursuant to a Cabinet decision. The regulation aims to regulate the contractual relationship between financial institutions and those seeking financing from them, thereby enhancing creditworthiness by requiring adequate collateral in exchange for the financing. .

Al-Ahsa governor honors “Real Estate Systems Forum” and calls for an independent supreme body for real estate

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 His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa, presided over the “Real Estate Regulations Forum” held yesterday morning, Tuesday, at the InterContinental Al-Ahsa Hotel. The event was organized by the Al-Ahsa Chamber of Commerce and Industry, represented by its Real Estate Committee and the Bar Association.

Claim An Independent Higher Authority for Real Estate

The forum opened with a recitation from the Holy Quran, followed by a speech by Saleh Al-Afaleq, Chairman of the Board of Directors of the Al-Ahsa Chamber of Commerce and Industry, in which he welcomed His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, He noted the Chamber’s intention to organize the forum annually, as the real estate community eagerly anticipates its launch with great interest due to its role as a platform where real estate professionals and stakeholders can discuss their issues and concerns. Al-Afaleq explained that the forum will focus on several key and important themes and will discuss the challenges posed by the development of the real estate market in the Kingdom and the expected changes following the approval of real estate regulations, including the provision of qualified national personnel for the sector and a focus on training and qualification in all related professions.

Al-Afaleq revealed the most important demand  By establishing an independent supreme real estate authority that serves as a consistent point of reference for the sector’s operations, working to develop and monitor the sector’s operating systems in line with the needs of the real estate market.

 The real estate market is valued at 1.3 trillion riyals

Engineer Khalid bin Saud Al-Saleh, Vice President of the Al-Ahsa Chamber of Commerce and Industry and Chairman of the Real Estate Committee, then delivered a speech in which he emphasized the strength of the real estate market as a major draw for investors, as the total size of the real estate market in the Kingdom has exceeded approximately 1.3 trillion riyals at present, making it the largest real estate market in the Middle East. The market is expected to reach 1.5 trillion riyals over the next few years, particularly given the strong demand from both consumers and investors, who are seeking a market that offers significant returns and high levels of capital growth.

Al-Saleh added: "This is underscored by the continued recovery of the Kingdom's real estate market amid an economic boom that reaffirms Saudi Arabia's development trajectory and its financial stability,"

Real estate investments require $640 billion

Al-Saleh noted that the value of investment and real estate portfolios in the Kingdom is estimated at approximately 50 billion riyals, and, God willing, the real estate market is expected to witness unprecedented activity in terms of investment volume, as the Kingdom’s need for real estate investments has been estimated at $640 billion..

More than 25 regulations governing the real estate market

In his remarks, Dr. Youssef bin Abdul-Latif Al-Jabr, Chairman of the Chamber’s Lawyers Committee, emphasized that the state is committed to regulations and laws, including those pertaining to real estate, noting a package of real estate regulations that various ministries helped draft and which have taken on an influential role in regulating life in the Kingdom. Al-Jabr pointed out that there are more than 25 regulations reflecting the government’s interest in regulating the real estate market.

At the end of the ceremony, a documentary was screened on the development of urban and real estate growth across the Kingdom in general and in Al-Ahsa in particular. Afterward, Prince Badr bin Jalawi presented plaques to the sponsors and participants of the forum, and His Highness then received a commemorative gift on this occasion from Chamber President Saleh Al-Afaleq..

During the Industrial Opportunities Forum, the Minister of Commerce emphasizes his keenness for an ideal industrial environment with highly competitive incentives

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The Minister of Commerce and Industry stated Dr. Tawfiq bin Fawzan Al-Rabiah The Kingdom is committed to creating an attractive environment for industrial investment by offering a system of incentives and facilities that are considered the best in the region, including industrial land available at nominal rents and loans from the Industrial Fund covering up to 75% of the capital, with a repayment period of up to 20 years, electricity rates that are the lowest in the region, export guarantees and financing, and customs exemptions for raw materials and machinery, all aimed at fostering a competitive industry and balanced development across all regions, describing the investment environment in the Kingdom as highly encouraging. He added that the Ministry is interested in launching a package of initiatives to make the Kingdom a hub for advanced industries in the region.

Warnings Against Encroachment on Commercial Land

    Al-Rabiah made these remarks during the “4th Industrial Opportunities Forum” organized by “MODON” yesterday under the title “Industrial Integration: Promising Opportunities for Male and Female Entrepreneurs,” to his concerns about the return of commercial investment in industrial land, given the vast and abundant availability of such land, calling on everyone to use it for industrial investment.

He explained that ”there are industrial sites in more than 20 locations, and the Authority continues to strive for development and to deliver the best,“ noting that ”Madin” is currently working to provide cities with comprehensive services in terms of housing, schools, and hospitals to create a well-rounded industrial environment.

Active Participation by National Companies in International Forums

The Minister of Commerce announced that the Kingdom will participate in the food exhibition scheduled to take place in the UK next April, with 60 Saudi companies taking part, noting that this is the Kingdom’s largest-ever participation in an international event. He added: "We had 130 Saudi companies participating in Dubai over the past few months, and the goal is to showcase the development of our country's industry to the world.".

Support for Startups and Small and Medium-Sized Enterprises

Al-Rabiah emphasized support for startups and small-to-medium-sized enterprises, as well as the importance of industrial development in the Kingdom. He stressed the need to focus on diversifying sources of income for young people interested in investing in industry, and anticipated that industrial opportunities would be presented during the forum, describing these opportunities as promising..

6,871 factories and one trillion riyals

The minister revealed that the Kingdom, represented by the Export Authority, is targeting specific countries with the aim of increasing exports to them, expecting that this step will help develop Saudi industry, noting the rise in the number of factories in the Kingdom, which has reached 6,871, with an estimated investment of one trillion riyals and employing 935,000 people.

Business Incubators for Industrial Sector Development

For his part, Engineer Saleh Al-Rashid, Director General of the Industrial Cities Authority (MODON), explained that the Authority has a strategy that bridges entrepreneurs and industrial opportunities to provide the necessary resources to support our industries.

Al-Rashid stated that the Authority will focus this year on identifying male and female entrepreneurs and investments targeting women, while the Authority has worked to establish turnkey factories and has begun setting up industrial incubators to develop the industrial sector, whether in light or medium industries, which are considered environmentally friendly.

Awarding electricity contracts to the contractors with the highest percentage of Saudi employees“

Meanwhile, Khalid Al-Ghamdi, project manager for the localization of the electricity industry at the Saudi Electricity Company, revealed that the company is working to award contracts to local contractors with the highest rates of national workforce localization and the highest percentage of locally manufactured materials, noting that there is a policy to incentivize local factories and give them priority over foreign counterparts in procurement by a ratio of 10%.

 

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