Month: May 2016

Worth 350 million riyals. Off-plan sales license more than 370 residential units in Jeddah

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Reading time: < 1 MinuteWith a total cost of SAR 350 million and an area of 26,000 square meters, the off-plan sales program has issued an off-plan sales license for 372 real estate units, including 336 apartments and 36 residential villas, within the Gardenia Residence project in Jeddah, owned by Al Ahli Financial Real Estate Investment Company. The project is expected to be completed in the first quarter of ... Read more

More than 43% increase in tourist arrivals to Saudi Arabia

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Reading time: < 1 MinuteThe latest studies and data from the Center for Tourism Information and Research (MAS) show a 43% increase in the number of tourist arrivals expected to come to the Kingdom by 2020, Deloitte said at the recent Vision Conference in Jeddah. According to figures released by the center, the number of international flights to Saudi Arabia is estimated to rise ... Read more

Recommendation to establish a body to regulate public-private partnerships

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Reading time: < 1 MinuteThe Fifth Saudi Project Management Conference, organized by the Saudi Organization for Engineers, recommended the establishment of a higher administrative body to regulate the trends of participation in project management, legalize procedures and supervise the safety of application and fair treatment, so that the administrative body's tasks include conducting an accurate survey to identify opportunities and needs that can be provided by participation between the public and private sectors by conducting the necessary scientific surveys. ... Read more

Ministry of Justice launches notary service and licensing project in the Kingdom's regions

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Reading time: < 1 MinuteThe Ministry of Justice announced the launch of the notary service project and the licensing of the first batch of notaries, which allows the documentation of contracts and agencies at notaries accredited by the Ministry of Justice. In a statement, Osama Al-Zaid, Undersecretary of the Ministry of Justice for Notarial Affairs, explained ... Read more

King approves exemption of 38,774 citizens from repayment of Agricultural Fund loans

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Reading time: < 1 Minute  The Custodian of the Two Holy Mosques has approved exempting farmers in the Arabian Shield regions from repaying the Agricultural Development Fund loans due to the drought; this came after the recommendation of the committee that studied the conditions of farms affected by the drought, according to the Minister of Environment, Water and Agriculture, Engineer Abdulrahman Al-Fadhli. This was announced by the Minister of Environment, Water and Agriculture, Engineer Abdulrahman Al-Fadhli, who explained that this royal directive included approval of the committee's recommendations. The director general of ... Read more

“Shura calls for reducing the disbursement period for mortgage applicants and processing 488,000 applications

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Reading time: < 1 MinuteThe Shura Council announced its approval of the recommendations of its Finance Committee, which called on the Real Estate Development Fund to take the necessary measures to shorten the waiting period for loan applicants, stressing the need to strive to address the accumulated requests for the Real Estate Fund and find solutions to this worrying and disturbing issue for citizens after the number of waiting loan applicants reached 326,448 by the end of last year ... Read more

Housing units and developed lands ready to be delivered to beneficiaries in Hail

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Reading time: < 1 MinuteThe Ministry of Housing is implementing a number of housing projects in the Hail region, including housing units and developed lands implemented by the Ministry of Housing in the Hail region. The Hail City project includes 1044 residential villas, in addition to 720 developed land plots, where the actual completion rate of the project has reached 89%, while the number of housing units in Al-Shanan Governorate is 111 housing units and 950 developed lands, and the entire ... Read more

Delivery of a batch of housing in various regions at a rate of 8,000 housing units per month

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Reading time: < 1 MinuteThe Ministry of Housing spokesperson, Mohammed Al-Dughailbi, confirmed that a batch of housing will be delivered monthly in various regions of the Kingdom at a rate of 8,000 housing units. Al-Dughailbi explained to Al-Ikhbariya channel, recently, that the new strategy of the Ministry of Housing is to move out of the role of executor to partnership with the private and public sector, boosting demand and raising the ownership rate to 52%. It is worth noting ... Read more

Contrary to expectations, real estate financing rises in various regions of the Kingdom

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Reading time: < 1 MinuteThe Saudi Monetary Authority's (SAMA) quarterly report revealed a rise in real estate banks« portfolios to SAR 186.4 billion in the fourth quarter of 2015, nearly a year after the 30% requirement came into effect. This was contrary to expectations that the 30% requirement would put Saudi banks in the predicament of low demand among customers... Read more

Al Rajhi Decorative & Iron Company opens its branch on Tahlia Street in Jeddah

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Reading time: < 1 MinuteAs part of its expansion and development policy, Al-Rajhi Decorative and Iron Company inaugurated its exhibition after its development on Prince Mohammed bin Abdulaziz Street (Tahlia) in Jeddah, where the exhibition included new products, doors and balustrades, iron, stainless steel and wood. On this occasion, the company's CEO, Engineer Mansour Al-Qahtani, who inaugurated the exhibition, explained that Al-Rajhi's policy is based on providing excellent services to the market ... Read more

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