Month: August 2015

“Emaar Economic City” Signs Contracts with 92 Local and International Companies in the Industrial Valley

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Reading time: 2 MinutesBy the end of the second quarter of this year, Emaar Economic City had signed contracts with 92 national and international companies in the Industrial Valley, and production had begun at 10 factories, while 25 factories are currently under construction, noting that the total area developed in the Industrial Valley has reached approximately 3.7 million square meters. In addition … Read more

Expropriation of 25,000 properties in Makkah for public transportation and development projects

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Reading time: < 1 Minute  Well-informed sources reported that 25,000 properties in Mecca will be expropriated over the next few years to make way for public transportation projects, which include the construction of 20 train stations within Umm al-Qura, as well as projects to develop informal settlements. The source added that part of the expropriation process will begin this year. The sources also noted that the expropriation will affect the Al-Malaawi neighborhood … Read more

Stock market earthquakes expected. Shares of 154 companies declined in value, while only four companies rose

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Reading time: < 1 MinuteThe stock market continued its decline and broke through the 8,000-point level during yesterday’s session, closing down 2.5% at 7,991 points—a drop of 206 points—marking its lowest closing level in eight months, amid trading volume of 5.4 billion riyals. Furthermore, trading saw only seven companies’ shares rise in value, while 154 companies’ shares fell, and … Read more

“White Land” fees compensate for oil price collapse, provide 7.4 million homes, and create a new economic boom

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Residential plot

Reading time: 2 MinutesThe International Monetary Fund’s praise for the strength of the Saudi economy and its resilience in the face of losses caused by the drop in global oil prices did not come out of nowhere or as a mere courtesy; but rather on the solid and strong foundation from which the Saudi economy operates, with its long and proven experience in weathering global economic shocks. Therefore, the recommendation issued by the executive directors—members of the IMF Executive Board—in their statement regarding … Read more

“IMF recommends that Saudi Arabia should impose fees on white land to compensate for oil losses

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International Monetary Fund

Reading time: 2 MinutesThe International Monetary Fund (IMF) has called on the Kingdom of Saudi Arabia to introduce a value-added tax on undeveloped land as part of a package of recommendations and reforms intended to help the Kingdom offset losses resulting from falling oil prices, describing the Kingdom’s economy as the strongest and fastest-growing among the G20, having benefited from rising oil prices and increased production in previous periods, and having managed to achieve significant surpluses in … Read more

After stock market losses. Saudi Arabia's real estate market opens its arms to new investors

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Reading time: 2 MinutesReal estate experts have predicted that investors in the Saudi stock market will shift their focus to the real estate market due to the decline in stock indices over the past two months, which will, to some extent, revitalize and boost investment in the real estate market. Experts confirm that the majority of Saudi citizens are well aware of the economic benefits of investing in the real estate market; however, in recent years they have observed in the market… Read more

Ministry of Justice directs its departments not to accept uncertified checks when emptying properties

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Title Deed - Real Estate

Reading time: < 1 MinuteIn accordance with the directives of His Royal Highness Prince Mohammed bin Nayef bin Abdulaziz to refrain from accepting ordinary checks in real estate transactions and to use only certified payment methods, which must be submitted during the transfer of title at the notary public’s office or the court,   the Ministry of Justice has issued an urgent circular to notaries and courts in all regions of the Kingdom regarding the use of registered payment methods when executing sales transactions … Read more

“Basma” succeeds in attracting major brands to Karam Mall in Majma'a

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Basma Real Estate Management Company, the exclusive marketer of «Karam Mall» project in Majmaa Governorate, confirmed the competition of major companies and well-known brands locally and internationally to make partnerships and sign leasing contracts in the mall, which was designed and implemented with international specifications that meet all the infrastructure and logistics services that ensure customer satisfaction and make them feel the pleasure of shopping.

In addition, Basma has finalized the procedures for signing the contracts of Al Hokair Group and Panda Al Azizia, and the company seeks to hold more understandings and consultations with companies and international commercial companies distinguished by their high-end services, according to a specific time strategy.

In a related context, Mr. Khalid Al-Mubaid, General Manager of Basma Real Estate Management Company, attributed the investors” interest in ”Karam Mall" to its strategic and distinctive location and easy access, in addition to being the largest mall in Majmaa Governorate, providing supporting services and comfortable parking for customers and shoppers, and will represent a turning point in the future of shopping in Majmaa Governorate.

Sheikh Abdulrahman Al-Abdulkareem, Chairman of Karam Mall, expected the mall to open in early 2017, and noted the signing of a partnership with Al-Faisali Club as part of the mall's interactive role, which enhances the confidence of our valued customers, adding that the mall will be a major attraction due to the presence of the most famous international brands that enjoy the trust of consumers and meet their requirements.

Calls for merging real estate companies. A recent study calls for legislation to address the distortions in the real estate market

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Reading time: 2 MinutesAn economic study prepared by the Information and Research Division of the Riyadh Chamber of Commerce on “The Reality of Real Estate Enterprises in Riyadh” called for a number of reforms in the real estate sector, the development of the sector’s business environment, and the enactment of legislation to address distortions in the real estate market and overcome the most significant obstacles to investment in the sector. Enforcement of Real Estate Regulations: The study recommended enforcing the regulations… Read more

A Major Real Estate Deal: “Inaba Real Estate Marketing” Exclusively Markets Al-Zamil Holding’s Villa Projects in Riyadh

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Reading time: < 1 MinuteConfirming an exclusive report by the “Amlak Real Estate” newspaper regarding a real estate deal in Riyadh, Zamil Mohammed Al-Zamil Holding Company has entered into an agreement with Inaba Real Estate Marketing, a subsidiary of “Abdul-Ilah and Ibrahim Sons of Abdulaziz Al-Mousa,” Under this partnership, Inaba Real Estate will market Zamil Holding’s villa projects in Riyadh, comprising a total of 200 villas. The contract was signed by Rajaa Nasser … Read more

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