Month: August 2015

Strange Phenomena in the Real Estate Market ... Abdulaziz Al-Issa

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Reading time: < 1 MinuteThere are certain negative aspects emerging in the real estate market as a result of improper practices carried out by certain parties, which adversely affect the real estate market and real estate professionals and lead to protracted legal entanglements that can drag on for many years. In recent times, some strange and negative phenomena have emerged in the real estate market that no one had ever heard of in the distant past… … Read more

Call to Exempt Borrowers in Default and Convert the ”Real Estate Development Fund” into a Financing Institution

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Reading time: < 1 MinuteThe Shura Council called on the Ministries of “Finance, Housing, and Social Affairs” to establish precise and clear criteria for exempting those who can prove their inability to repay loans from the Real Estate Development Fund, with the Ministry of Finance compensating the Fund for these amounts, In addition, it called on the Ministry of Finance to promptly repay 38 billion and 983 million riyals, which is the difference between the authorized capital and the amount paid to the Real Estate Development Fund… Read more

The Minister of Housing grants his advisor “Al-Attiyah” 11 powers

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Reading time: < 1 MinuteHousing Minister Majid Abdullah Al-Hogail announced that he had granted his advisor, Dr. Ali bin Sulaiman bin Hamad Al-Attiyah, broad powers, most notably the authority to approve appointments and transfers, imposing disciplinary sanctions on employees at the 14th rank and below and their equivalents, approving leave requests and deducting days of absence, approving performance evaluations, and disbursing allowances, bonuses, entitlements, and compensation due in accordance with regulations and instructions, and that … Read more

A Member of “Jeddah Real Estate” Calls for a Review of Sales Commission Rates

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Reading time: < 1 Minute  Talal Abdullah Al-Ahmari, a member of the Real Estate Committee at the Jeddah Chamber of Commerce, stressed the need to establish an appropriate framework and review the commission rates currently applied to real estate sales and leasing transactions,  in order to revive the market from its current stagnation. Al-Ahmari noted the need for real estate agencies to regulate their operations, especially since they are obligated to pay expenses and fees to various authorities. Regarding the rise in real estate prices, which have exceeded the ability of … Read more

Banks and financial institutions begin submitting their proposals for the accelerated loan

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Reading time: < 1 Minute  Reports have revealed that some commercial banks and financial institutions will begin submitting their competitive bids to the Real Estate Development Fund in the coming days to provide the accelerated loan to eligible male and female citizens who wish to obtain it. The Real Estate Development Fund is expected to cover the 30% percentage required by the financing institutions as a down payment to secure the loan for citizens wishing to obtain it, in … Read more

Study: Saudis Need to Build 200,000 Homes a Year

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Residential projects

Reading time: < 1 MinuteReal estate experts predict growth in Saudi Arabia’s construction sector, which has maintained its growth momentum despite the heavy pressures resulting from falling crude oil prices. The sector is expected to grow by 7.8 percent between 2015 and 2019, driven by massive projects in the two holy cities of Mecca and Medina, according to … Read more

Worth 10 billion riyals, “Trade” licenses more than seven thousand real estate units for sale on the map

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Real estate contributions

Reading time: < 1 MinuteAt a total cost of more than 10 billion riyals, the Ministry of Commerce and Industry, through its Off-Plan Sales Program, has approved 7,493 real estate units—including 6,346 apartments and 1,147 residential villas— in Jeddah Governorate for the Public Pension Agency’s housing retirement project, covering a total area of 22,500,000 square meters. The project is expected to be completed within 45–60 months … Read more

The Industrial Development Authority Approves 7 Loans Totaling 1.1 Billion Riyals to Implement 5 New Projects

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Reading time: < 1 MinuteThe Board of Directors of the Saudi Industrial Development Fund held a meeting chaired by Tawfiq Al-Rabiah, Minister of Commerce and Industry and Chairman of the Fund’s Board of Directors, during which it approved six industrial loans totaling 1.1 billion riyals, to help establish five new industrial projects and expand one existing industrial project. The Fund’s Director General, Abdulkarim Al-Nafea, explained that the approved loans included two loans for new industrial projects in the sector … Read more

Polling stations in Riyadh have registered 7,568 voters as of the fourth day

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Reading time: < 1 MinuteMunicipal election centers in the Riyadh region are continuing their efforts to register voters. The total number of voters—both men and women—in the Riyadh region, its governorates, cities, and towns who have been registered in the voter rolls so far (7,568) voters, while the number of voters who registered on the fourth day of the municipal election campaign for its third cycle reached 2,655. Yesterday, the centers received … Read more

“Saudi Fransi” Executes a 1 Billion Riyal Financing Agreement for ”The Economic City”

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Reading time: < 1 MinuteThe Saudi French Bank has begun implementing the terms of a murabaha contract with Emaar Economic City worth a total of one billion riyals to finance infrastructure projects and the development of residential and commercial projects in various areas within the Economic City, including the Al-Hijaz Gate area adjacent to the Al-Haramain train station within King Abdullah Economic City. It is worth noting that the implementation of this agreement … Read more

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