Month: March 2016

  The Monetary Authority raises the value of real estate financing from companies to 85% of home value

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Reading time: < 1 Minute   Further to its decision regarding mortgage financing from banks, the Saudi Arabian Monetary Authority announced that it has raised the maximum limit on the loan-to-value ratio specified in Article (12) of the Executive Regulations of the Real Estate Financing System from 70% to 85% for non-bank real estate financing companies. Fahd Al-Mubarak, Governor of the Saudi Arabian Monetary Authority, explained that after more than … Read more

Real estate contributions offer more than 8 million square meters in Bakiriyah for direct sale

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Reading time: < 1 MinuteThe Real Estate Contributions Committee at the Ministry of Commerce and Industry has put the Al-Bukairiyah plot—with an estimated area of approximately 87,105.82 square meters—up for direct sale, and has set tomorrow as the deadline for receiving bids, in accordance with the following conditions: A purchase offer addressed to the Committee’s Secretary General must be submitted, valid for at least thirty days, specifying the price per square meter and the total value. An original check in the amount of 5% from … must be attached. Read more

“Real Estate Contributions” offers 19 commercial and residential plots in the auction of “Al Shafa Mall” in Al Aziziyah, Riyadh

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Reading time: < 1 Minute  The Ministry of Commerce and Industry, represented by the Real Estate Contributions Committee, announced the offering of 19 commercial and residential plots in the Al-Aziziyah district of Riyadh in preparation for the liquidation of the Al-Shifa Mall contribution and the return of the shareholders' rights, on Wednesday, 06/07/1437 AH corresponding to 13/04/2016 AD. The committee specified the conditions for participating in the auction, which are: attending in person or through a legal agent. ... Read more

The Comprehensive Expropriation System serves as a reference for property valuation and location identification in Jeddah

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Reading time: < 1 MinuteThe Jeddah Governorate Municipality has revealed the possibility of relying on the comprehensive expropriation system as a reference for the basis of land valuation at the governorate level, as the system can complete all procedures for expropriation transactions starting with the steps of analyzing and studying the geographical dimension of the project's site, passing through the procedures for identifying properties located within the geographical scope of the project, and ending with the completion of all procedures for citizens' property expropriation transactions and facilitating... Read more

“Savings and Loans” Reduces the Time Required to Obtain Financing for Telecommunications Projects to Just Ten Days

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Reading time: < 1 MinuteThe Credit and Savings Bank announced the reduction of the processing time for obtaining financing for telecommunications sector projects from 90 days to a maximum of 10 days, as a step to facilitate the integration of Saudis into this promising sector. If Saudization is applied to the sector, the average number of job opportunities added to the labor market in major cities reaches 3,500 jobs annually. This step comes in support of the decision by the Minister of... Read more

Savings and Credit Bank supports micro-entrepreneurs in the telecommunications sector

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Reading time: < 1 MinuteIn accordance with the recently issued decision to restrict employment in the activity of selling and maintaining mobile phones and their accessories to Saudi men and women, the Saudi Credit and Savings Bank intends to create a mechanism to support micro-entrepreneurs in the communications sector and entrepreneurs to enable them to enter the labor market in this field. Abdullah Al-Namlah, the General Manager of the Bank, attributed this step to the bank's belief in the capabilities of … Read more

Minister of Commerce invites interested parties to review the guiding models of company incorporation contracts

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Reading time: < 1 MinuteThe Ministry of Commerce and Industry has invited interested parties to review the model forms for articles of incorporation and bylaws for each type of company issued by the Minister, Dr. Tawfiq bin Fawzan Al-Rabiah, pursuant to Paragraph (1) of Article 225 of the new Companies Law issued by Royal Decree No. M/3 dated 28/1/1437 AH. The models stipulate that “model forms shall be issued by a decision of the Minister..." Read more

Jeddah Development and Urban Development Company completes its strategy to build more than 4600 housing units

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Reading time: 2 MinutesThe Jeddah Development and Urban Regeneration Company intends to construct more than 4,600 residential units to accommodate over 19,000 residents across an estimated area of 850,000 square meters. The company had presented its strategy for implementing the project's infrastructure to the Makkah Region Principality, represented by the Development Integration Center, in the presence of the company's financial advisor, Jeddah... Read more

Jeddah and Riyadh Lead the Way... Real Estate Index Falls by 20%... Transactions Totaling 24.6 Billion Riyals

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Reading time: < 1 Minute  The real estate index continued its overall decline in Jumada al-Awwal 1437 AH, with the value of real estate transactions during that month totaling 24.6 billion riyals—a decrease of 20% compared to the same period last year— and was lower than the value of transactions completed during the previous month of Rabi’ al-Thani, when sales totaled 37.1 billion riyals. According to reports received from the Ministry of Justice, the distribution was as follows… Read more

The House of a Lifetime, Step by Step... “33”... Prepared by Majid Al-Muhaimid

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Reading time: < 1 MinuteUpon completion of the first floor's rebar works, the supervising engineer then attends to inspect the columns' rebar and ensure compliance with the project's approved drawings. If any comments or issues regarding the rebar are identified, the contractor is notified to rectify them. If the issues are significant, it is advisable for the engineer to return to inspect them again, provided that … Read more

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