Month: March 2015

A Smart Partnership Between «Jeddah Development» and «Capitas» to Ensure the Success of the Residential Suburb Project in Jeddah

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Reading time: < 1 MinuteCapitas International Group (“Capitas”), a company specializing in Islamic real estate finance and real estate development management in Jeddah, and the Jeddah Urban Development and Development Company (the real estate development arm of the Jeddah Municipality) announced their agreement to study the development of the first phase of the Al-Dahiyah residential project in Salman Bay, Jeddah. The residential suburb project is located near Salman Bay and the Durrat Al-Arous resort … Read more

Secretary of the International Chamber of Commerce in Paris meets with Saudi business sector

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Reading time: < 1 Minute    John Danilovich, Secretary General of the International Chamber of Commerce in Paris, is currently visiting the Kingdom to meet with the President and members of the Saudi International Chamber of Commerce, the Secretary General of the Council of Saudi Chambers, and representatives of the Saudi business sector. The visit comes within the framework of the strategic cooperation and partnership ties between the Saudi private sector, represented by the Saudi International Chamber of Commerce, and the International Chamber of Commerce in Paris, and marks his first visit … Read more

Custodian of the Two Holy Mosques leaves for Sharm El Sheikh to participate in the 26th Arab Summit

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 The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud left Riyadh this morning for the Arab Republic of Egypt, where he will head the delegation of the Kingdom of Saudi Arabia to participate in the 26th Arab Summit Conference, which will be held, God willing, in Sharm El Sheikh.

His Highness Prince Faisal bin Mohammed bin Saud Al-Kabir, His Royal Highness Prince Mohammed bin Saad bin Abdulaziz, His Royal Highness Prince Muqrin bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister, His Royal Highness Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, His Royal Highness Prince Saud bin Saad bin Abdulaziz, His Royal Highness Prince Abdullah bin Faisal bin Turki, HRH Prince Miteb bin Abdullah bin Abdulaziz, Minister of National Guard, HRH Prince Fahd bin Abdullah bin Musaed, and HRH Prince Yazeed bin Saa were present at the airport of Riyadh Air Base Also at the King's farewell were Their Excellencies ministers, senior commanders and officers of the Armed Forces, National Guard and Public Security, and a number of officials.

The official delegation accompanying the Custodian of the Two Holy Mosques includes His Royal Highness Prince Saud Al-Faisal, Minister of Foreign Affairs, HE Minister of State and Cabinet Member Dr. Musaed bin Mohammed Al-Aiban, and HE Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf.

Also departing with the Custodian of the Two Holy Mosques were His Excellency the Chief of Royal Protocol, Mr. Mohammed bin Abdulrahman Al-Tabishi, His Excellency the Deputy Chief of the Royal Court, Mr. Khalid bin Abdulrahman Al-Issa, His Excellency the Acting Chief of the Royal Guard, Lieutenant General Hamad bin Mohammed Al-Ohali, His Excellency the Head of Special Affairs of the Custodian of the Two Holy Mosques, Mr. Hazem bin Mustafa Zagzouq, and His Excellency the Assistant Private Secretary of the Custodian of the Two Holy Mosques, Mr. Tamim bin Abdulaziz Al Salem. May God protect the Custodian of the Two Holy Mosques in his travels and stay .

 

With the concept of a perfect place to shop Carrefour Saudi Arabia launches a new branch in Riyadh's Al Wadi neighborhood

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Reading time: < 1 MinuteAs part of its policy of systematic and strategic expansion within the Kingdom of Saudi Arabia, the Saudi Hypermarket Company «Carrefour» has opened a new branch in the Al-Wadi neighborhood of Riyadh, north of Exit 7, further cementing Carrefour’s reputation as the ideal shopping destination. The opening was attended by a large crowd of interested parties and visitors who expressed their delight that Carrefour is becoming increasingly accessible to them, at a time when … Read more

Wide participation of development companies in the Arab Real Estate Forum in Cairo 

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Reading time: < 1 MinuteThe 30th Arab Real Estate Forum will conclude its activities tomorrow, Sunday, at the Cairo International Conference Center, with the participation of numerous major real estate companies. The exhibition is significant because it follows the economic conference recently held in Egypt, in addition to the participation of real estate development companies and a number of real estate marketing firms from across the Arab world. Ibrahim Al-Shawarb, a member of … Read more

“Tourism Authority: Travel and Tourism Investment Forum ceremony canceled and Excellence Awards postponed”

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Reading time: < 1 MinuteIn light of the current circumstances in the region, the General Authority for Tourism and Antiquities has announced the cancellation of the opening ceremony of the 2015 Saudi Travel and Tourism Investment Forum, which was scheduled to take place tomorrow under the patronage of His Royal Highness Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh Region and Chairman of the Regional Tourism Development Council, and in the presence of His Royal Highness Prince Sultan bin Salman bin Abdulaziz … Read more

Arab trade ministers approve the liberalization of trade between member states with the aim of establishing an Arab customs union

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Reading time: < 1 MinuteThe meeting of Arab trade and economy ministers held in Cairo recommended the need to issue a resolution to liberalize trade among Arab countries with the aim of establishing a joint Arab customs union. This is one of six resolutions to be submitted to the Arab Summit today, Saturday, in Sharm El-Sheikh, the most notable of which is, Mounir Fakhry Abdel Nour, Egypt’s Minister of Trade and Industry, stated that the Arab trade ministers also agreed to follow up on the decisions that … Read more

«Buildex Sharqiya to host more than 120 companies in the construction industry at the end of March

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Reading time: < 1 MinuteThe 17th edition of the Saudi International Building and Construction Exhibition (BuildEx) will host more than 120 local and international exhibitors, from March 30 to April 2, 2015. The exhibition’s significance lies in its co-location with a concurrent heavy equipment exhibition under the patronage of the Governor of the Eastern Province, Engineer Fahad Al-Jubeir, at the company’s center on the Dammam-Al-Khobar Coastal Road. The exhibition is organized by Dhahran … Read more

“Dar Al Arkan rules out the impact of white land fees on real estate

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Reading time: < 1 Minute Youssef Al-Shallash, chairman of Dar Al-Arkan, one of the Kingdom’s largest real estate development companies, ruled out the possibility that the decision to impose fees on undeveloped land would cause a sharp decline in land prices in general, stating: «The market has already absorbed the impact of the decision for months.» Al-Shallash said he does not expect the company’s operations to be negatively affected by the government’s decision to impose fees on “undeveloped land” … Read more

Real Estate Fund's second workshop offers six urgent solutions to address waiting lists

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Real Estate Development Fund

Engineer Yousef bin Abdullah Al-Zughaibi, Director General of the Real Estate Development Fund, presented during the second workshop an integrated package of solutions and programs previously announced, and Engineer Al-Zughaibi pointed out that these solutions and treatments took into account the balance between the supply and demand sides; so as not to lead to any inflation or issues in the real estate market, pointing out that it is preferable to apply all these solutions and offer them at once to absorb the large number of requests for loans, and revealed the Fund's design of a computer program that will soon be available on the website of the Real Estate Fund; giving a clear explanation of each program with the advantages and disadvantages of each protein

I: Collaborate with banking institutions in the following:

a) Loan Guarantee Program: So that the Real Estate Fund provides a guarantee to the borrower from the financing facility upon default of no more than 80 percent of the loan value.

ب) Accelerated Loan Program: It is offered to applicants to the Fund by one of the financing facilities, provided that the Real Estate Fund bears the cost of financing that it pays to that facility.

c) Down payment program in coordination with banks and real estate finance companies, to transfer the loan value as a down payment for the housing loan.

Second: Collaboration with employers (government agencies and companies)

This program aims to provide housing units for employees of governmental or private sectors that wish to do so, in cooperation between the Real Estate Fund, the developer, the entity, and the off-plan sales committee at the Ministry of Commerce.

Third: Cooperation with Charitable Organizations

This program aims to provide economic housing units for low-income people, on the lands of developers or philanthropists, provided they have a source of income, or resort to charitable associations or concerned government agencies to support the outstanding installments, in cooperation between the Real Estate Fund, the charitable entity (the donor), and the Off-plan Sale Committee at the Ministry of Commerce.

IV: Collaborate with real estate developers in:

1- Early home ownership: Applicants to the Real Estate Fund purchase a home from a developer, provided that the Fund guarantees the payment of loans to the developer after the approval of the loan.

2- Off-plan sales: To enable participants in this system to finance the construction of units for the borrower, an agreement will soon be concluded with the Off-plan Sales Committee at the Ministry of Commerce to activate the implementation.

V: Investment Loan for Individuals and Real Estate Developers provided that 30% of housing is built for citizens who are eligible for Real Estate Fund loans.

VI: Enacting new regulations. Of which:

- Releasing mortgaged units; it was approved at the last meeting of the Real Estate Fund Board.

- Giving a group of borrowers joint loans to build on the same land.

- Granting a loan to those who wish to build an additional structure such as a floor or an apartment or accessory..).

Engineer Al-Zughaibi recalled that the total number of applications on the Fund's waiting lists and those expected to be financial support products (500,000 riyals) amounts to more than one million citizens, all of whom urgently need treatment, practical solutions and innovative programs to enable them to own suitable housing in the shortest possible time, taking into account the following:

1- Taking into account that these new programs and regulations should not have an impact that leads to inflation and rising prices, which reduces the benefit of the loan amount.

2- To take into account the scarcity of land and its high prices, as well as the high prices of prefabricated buildings on the market.

3- Suitable for all segments of society who are on the waiting lists in terms of their financial capabilities and ability to pay.

4- To take advantage of the land stock of real estate developers and landowners.

5- Creating a partnership with the private sector (banks, developers, companies, financing, etc.) to contribute to providing practical, sustainable and long-term solutions for housing.

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