Month: March 2015

“Takween plans SAR 1.6 billion facility to pay for Savola acquisition”

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Reading time: < 1 MinuteThe Ordinary General Assembly of Takween Advanced Industries Company approved the company’s acquisition of Sharia-compliant Murabaha facilities from a number of banks and financial institutions, up to a maximum of 1.6 billion riyals, subject to the terms and conditions determined by the company’s Board of Directors as it deems appropriate. This is to pay for the acquisition of Savola Packaging Systems and to repay existing loans related to … Read more

”Tourism” adopts standards for the classification of heritage hotels in the Kingdom according to international standards

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One of the parks in Dammam Metropolis - Archive

Reading time: < 1 MinuteHis Royal Highness Prince Sultan bin Salman bin Abdulaziz, President of the General Authority for Tourism and Antiquities, recently issued a decision adopting classification standards for heritage hotels to bring them into line with the latest international standards. For his part, Engineer Omar Al-Mubarak, Director General of the Licensing Department at the Authority, explained that the classification standards for heritage hotels and inns are in line with the latest architectural and engineering standards and regulations followed globally … Read more

Makkah real estate declines and land takes the largest share

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Makkah Real Estate

Reading time: 3 MinutesThe past period saw a decline in real estate activity in the Holy Capital’s market, with residential transactions falling by 4.601% and commercial transactions by 6.861%, with the total number of transactions in 1435 AH reaching 17,351, compared to 18,262 in the previous year, which is the time period covered by the study. This was revealed in a recent specialized study prepared by the Information Center at the Makkah Chamber of Commerce and Industry … Read more

«The Real Estate Fund begins receiving legal grievances

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Real Estate Development Fund

Reading time: < 1 Minute  The Real Estate Development Fund, through its General Administration in Riyadh, will begin this week to receive and respond to legal grievances in preparation for filing a lawsuit with the Administrative Court in the Makkah Region, This follows a disruption in the repayment of the Fund’s loans in Taif Province due to a financial administrative glitch in the system for deducting Real Estate Development Fund loan installments from employees in the field… Read more

60 billion riyals the volume of real estate investments traded in the Kingdom's regions

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Reading time: < 1 MinuteThe volume of real estate investments transacted over the course of a year in the Kingdom of Saudi Arabia reached approximately 60 billion riyals. This was stated by Eng. Khalid Al-Saleh, Vice President of the Al-Ahsa Chamber of Commerce and Industry, during a conference held recently in the Sheikh Abdulaziz Al-Afaleq Hall at the Al-Ahsa Chamber headquarters on the occasion of the Real Estate Regulations Forum organized by the Al-Ahsa Chamber, represented by its Real Estate and Lawyers Committees, under the title “Regulations … Read more

Ministry of Interior Launches E-Transactions Forum on March 3

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Reading time: < 1 MinuteThe Deputy Crown Prince, Second Deputy Prime Minister, and Minister of the Interior, Prince Mohammed bin Nayef bin Abdulaziz, is sponsoring the E-Transactions Forum, which is being held at the Security Forces Officers Club in Riyadh over two days, beginning on March 3 and continuing for two days. The forum featured presentations by specialists and experts on the provision and excellence of e-services. The forum will address … Read more

Municipality of Ararera completes opening roads and asphalting service streets in residential schemes  

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Reading time: < 1 MinuteThe Municipality of Arayra in the Eastern Province has completed a number of vital municipal projects, including the paving and widening of streets in the Matal'a district over a total length of 2,300 meters, paving and opening streets in the Arira district over a length of 2,100 meters, paving and widening the roundabout on the main road in Umm Al-Arad over a length of 1,500 meters, and paving Civil Defense Street in Umm Al-Arad over a length of … Read more

(The Justice Ministry issues a directive to organize state real estate deeds

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Residential Real Estate - Request Inquiry - Ministry of Justice

Reading time: < 1 MinuteThe Minister of Justice, Sheikh Dr. Walid Al-Samaani, issued a directive to notary offices and courts stipulating that deeds allocated to government agencies must be issued in the name of the State Property Authority, and that deeds for state-owned real estate must be notarized in the name of the State Property Authority on behalf of the beneficiary agency. Earlier, a circular was issued by the Deputy Minister of Finance instructing notary offices to issue deeds for real estate allocated to … Read more

New projects for Al Salem Johnson Controls in King Abdullah Economic City

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Reading time: < 1 Minute   Al Salem Johnson Controls has begun implementing its projects in King Abdullah Economic City on a site covering an estimated 203,783 square meters, where the cornerstone was laid for an industrial project and a training center. According to the project plan, operations are expected to begin in early 2017. Fahad Al-Rashid, Managing Director and CEO of King Abdullah City, said… Read more

(SABB finances (Arabian Cement) with 400 million riyals for expansion projects

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Reading time: < 1 Minute  Arabian Cement Company has signed a Murabaha financing agreement with the Saudi British Bank for 400 million riyals. The loan term is five years, including a grace period for the first year, and the loan will be repaid in eight equal installments over four years. The company stated in a press release on the “Tadawul” website that the proceeds from the financing will be used to partially fund the first phase of … Read more

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