Month: September 2015

The First Notary Public Office in Taif Welcomes the Proposal to Launch a Real Estate Index for the Province

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Reading time: < 1 Minute  Dr. Sami bin Abdullah Al-Obaidi, President of the Taif Chamber of Commerce and Industry, emphasized the need to launch a real estate index specific to the province, noting that it would help regulate the real estate purchasing process and prevent price manipulation, It would also provide a balance between supply and demand and eliminate any excessive pricing of properties listed for sale, particularly by certain real estate agents and brokers who … Read more

Ministry of Justice directs to document the sale of state-owned land at the auction site

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Residential Real Estate - Request Inquiry - Ministry of Justice

Reading time: < 1 Minute  The Minister of Justice and President of the Supreme Judicial Council, Dr. Walid bin Mohammed Al-Samaani, has directed the completion of the process of vacating and taking possession of the land parcels offered for sale through an auction announced by the State Property Authority for the sale of (84) scattered residential and commercial plots in the Al-Ra’id, Al-Rahmaniyah, and Al-Mohammadiyah neighborhoods of Riyadh, within the scope of Plans Nos. (205-208-209), as part of state-owned properties unsuitable for use … Read more

Economic analyst calls for shifting part of the Housing Ministry's functions to a real estate and finance body

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Residential projects

Reading time: < 1 MinuteEconomist and financial analyst Hussein bin Hamad Al-Raqib called on the Ministry of Housing to transfer some of its functions to the private sector, He also emphasized the need to establish a real estate arm within the ministry and another arm for real estate financing; this would serve as a solution to the problems of delays and project failures overseen by the ministry, noting that such arms would accelerate the completion process. Regarding the Real Estate Fund, he said … Read more

Riyadh at 48%. Saudi Arabia's homeownership rate rises to 62%

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Reading time: 2 MinutesThe percentage of Saudis who own their homes rose from 60.1% in 2010 to 62.1% in 2011, and the total number of homes occupied by Saudi families reached approximately 3 million, most of which were apartments—about 1 million apartments, representing 34.31% of the total number of homes owned by Saudis, followed by traditional houses, with approximately 805,700 homes representing 26.91%, and then residential villas, with approximately 763,700 … Read more

Cabinet approves the Ministry of Commerce's supervision of the Saudi Board of Engineers”

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Reading time: 2 MinutesThe Council of Ministers recently directed the Saudi Council of Engineers to amend its bylaws and defined the scope of the Ministry of Commerce and Industry’s oversight over it, particularly with regard to financial matters and the election of the Council’s board of directors. Under the new amendment, the Ministry is entitled to request that the Authority’s Board of Directors convene a general assembly in the event of any emergency that warrants it, and that the Ministry of Commerce and Industry, after coordination … Read more

Saudi Arabian General Investment Authority (SAGIA): The volume of trade exchange between Saudi Arabia and the United States is about 233 billion riyals

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Reading time: < 1 MinuteA report released by the General Authority for Investment revealed that the volume of trade between the Kingdom of Saudi Arabia and the United States in 2014 reached approximately $62 billion (233 billion riyals), with Saudi exports to the United States spanning various sectors, while the number of investment licenses granted to U.S. companies reached 317, with an estimated capital of approximately $52 billion … Read more

“Damac Properties to Deliver Luxury Residential Apartments at the ”Naya Tenora“ Complex Within Six Months

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Reading time: < 1 MinuteDAMAC Properties, a leading luxury real estate developer, is nearing completion of construction on “Naya Tenora,” the first integrated luxury serviced apartment project in Dubai South. The company is expected to deliver the first residential units in the city within six months. The new city spans an area of 145 square kilometers and is home to Al Maktoum International Airport and the site… Read more

1654 exhibitors set to take part in IFA Berlin

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Reading time: < 1 Minute  With 1,654 exhibitors participating, the IFA Berlin trade show—Europe’s largest consumer electronics exhibition—kicks off on August 12, and will run through the 17th. There has been a significant increase in the number of exhibitors participating in this year’s event, which opens its doors to the public this week. As a result of the increase in exhibitors, the allocated space has been expanded … Read more

Local and international companies are preparing to invest 50 billion riyals in the «Plasschem» complex in Jubail 2

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Reading time: < 1 MinuteThe Plastics and Chemicals Manufacturing Complex “PlasChem” in Jubail 2 continues to attract numerous companies to establish manufacturing plants within the complex, which has an investment capacity of approximately 50 billion riyals, It allows them to benefit from the raw materials, intermediate products, and feedstocks provided by Sadara Chemical Company and Aramco Total Refining and Petrochemicals Company (SATROP), in addition to other basic petrochemical industries in Jubail Industrial City and Ras … Read more

Larsen & Toubro wins $161 million Riyadh metro contract

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Reading time: < 1 MinuteLarsen & Toubro, the contracting arm of the Indian consortium Larsen & Toubro, has been awarded a $161.4 million contract to carry out double-track works for the Riyadh Metro. The project will involve the construction of a 62.8-kilometer double-track line for Lines 1 and 2 of the Riyadh Metro, which will consist of tunnels, bridges, elevated stations, underground stations, and depots, as it … Read more

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