Month: December 2015

18 billion riyals transforms central Riyadh into an urban district with innovative patterns

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Reading time: 2 MinutesA sovereign wealth fund is well on its way to establishing a development company in the housing sector with a capital of up to 81 billion riyals as part of the government's efforts led by the Economic and Development Council to support sectors that directly affect citizens, especially housing. The new company, established by the Public Investment Fund (PIF), will be responsible for the development of the central ... Read more

(Amlak publishes details of the White Land Fees Law

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Reading time: < 1 MinuteThe White Land Fees Law defines white land as «any vacant land intended for residential or commercial residential use, within the boundaries of the urban area.» The law clarifies that the «urban scope boundaries» means «the lines shown on the maps of the urban scope documents that indicate the different stages of urban development, the limit of development protection, and represent the appropriate boundaries for the settlement of urban activities and the absorption of urban growth during a period of time... Read more

Cabinet grants Housing Ministry more powers and privileges

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Reading time: 2 MinutesThe Cabinet granted the Ministry of Housing more privileges and powers to enable it to perform its primary mission of providing suitable housing for the deserving. The Cabinet approved the transfer of the system of early sale of real estate units (off-plan sale) from the Ministry of Commerce to the Ministry of Housing, so that the system will be among the package of regulations supporting the Developers Center, which the Council recently approved the establishment of ... Read more

Emir of Sharqiya announces the establishment of an annual award for excellence in national content

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Reading time: 2 MinutesEastern Province Governor Saud bin Nayef announced the establishment of an annual award for excellence in national content, organized in cooperation between Saudi Aramco and the Eastern Province Chamber of Commerce. «This award will motivate and show appreciation to national and international private sector companies that achieve great achievements in increasing local content,» he said. The company estimated the estimated spending on its «IKTVA» and «Ambitious Business» initiatives. Read more

In an Amlak survey ... Real estate experts and businessmen analyze the decision to impose fees on white lands

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Reading time: 4 MinutesImposing fees on white lands creates more opportunities for real estate development companies Amlak - Survey - Riyadh, Jeddah, Dammam A number of real estate experts, businessmen, investors and officials of the business and real estate development sector confirmed in their comments on the approval of the Council of Ministers to impose a system of “annual fees on all vacant lands allocated for residential or commercial residential use within the boundaries of the urban area”, by ... Read more

A real estate fund in the Kingdom's major cities for citizens and residents

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Reading time: < 1 MinuteMusharaka Capital, which is licensed by the Capital Market Authority (CMA) to offer the first income-generating real estate fund in Saudi Arabia, has begun a sixty-day subscription period. During a press conference in Khobar recently, CEO Ibrahim Al Assaf confirmed that the fund is open to citizens, residents and citizens of GCC countries, noting that the fund targets investment in real estate with ... Read more

More than (1461) billion riyals in loans granted by banks to the government and private sector

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Reading time: < 1 MinuteThe monthly bulletin issued by the Monetary Authority showed that the total loans granted by banks to the government and private sector by the end of October 2015 amounted to 1461.6 billion riyals. According to the report quoted by Arqaam, the loans provided by Saudi banks and banks to the private sector by the end of October 2015 rose to 1351 billion riyals, an increase of 5%, compared to the same period ... Read more

Dell presents the next steps and challenges for businesses in Saudi Arabia

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Reading time: < 1 MinuteDell shed light on the concept of future business and how businesses in Saudi Arabia can be ready for the challenges of the future, on the sidelines of the second annual Dell Summit held in Riyadh and attended by around 300 IT professionals from across the Kingdom. Dell emphasized that «future-ready businesses» are those that are planning for the long term... Read more

Organizing a workshop on international standards for measuring real estate

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Reading time: < 1 MinuteThe Saudi Commission for Accredited Valuers (Taqeem) organized a new workshop entitled "International Standards for Real Estate Measurement... Challenges and Opportunities" at the Antor Hotel in Riyadh, presented by the trainer Engineer Ahmed Sabri - Executive Director of Taqeem Academy. The course aimed to introduce the effects of different real estate measurement standards on the different parties of the real estate process, with the participation of 75 people. The course program focused on introducing ... Read more

90% decline in property insurance across the Kingdom's cities

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Reading time: < 1 MinuteIndividual property insurance in various cities of the Kingdom witnessed a significant decline of up to 90 percent as a result of the ignorance of many of those who may benefit from this insurance with its details, which made companies maintain the high value of the prices of this type of insurance issues. This was explained by specialized sources in the insurance sector, indicating ... Read more

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