Month: June 2016

“Housing” plans to create a company to manage the white fee program. Banks are obliged to pay fees for mortgaged land

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Reading time: < 1 Minute In implementation of the white land fees system in its first phase, Engineer “Mohammed Al-Madihim”, General Supervisor of the White Land Fees Program at the Ministry of Housing, explained that the Ministry will issue decisions to pay the fees due on landowners on 13 Rabiul Awwal, and that banks are obligated to register and pay for lands mortgaged in their name. The Ministry of Housing plans to establish an operational company to manage the program. Read more

A recent study : White land in Riyadh constitutes 64% with an area of 1994 square kilometers

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Reading time: < 1 MinuteEngineer Ibrahim bin Mohammed Al-Sultan, head of the Projects and Planning Center at the Higher Authority for the Development of Riyadh, explained that white lands in Riyadh constitute 64% with a total area of about 1994 square kilometers, distributed between planned white lands and unplanned white lands, while developed lands represent 36%, within the “urban development phase” until 1450 AH, with a total area of 1121 ... Read more

Saudi Arabia's Monetary Authority revises its Europe policy after Brexit

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Reading time: < 1 MinuteDr. Ahmed Al-Khulaifi, Governor of the Saudi Arabian Monetary Agency (SAMA), explained that the institution has been following the developments of the United Kingdom's tendency to leave the European Union, in order to hedge the impact it may have on the financial markets, noting that the institution has reviewed its investment policy regarding assets denominated in euros and pounds sterling in light of economic and political developments and made some adjustments ... Read more

Between sadness and joy. Mixed reactions to Brexit

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Reading time: 1 MinuteMixed reactions appeared on the British street as soon as the results of the referendum were announced to leave their country from the European Union, as manifestations of sadness prevailed among a number of British citizens after the inevitability of Britain's exit from the European Union, and the results came in favor of Britain's exit from the European Union by 52 % On the other hand, supporters of the Brexit campaign celebrated after ... Read more

Experts and specialists: Fees will prompt real estate developers to dramatically change their business strategy

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Reading time: 2 MinutesThe regulation on fees for undeveloped land has cast a long shadow over the real estate development sector, which will be the only way to prevent the application of fees on undeveloped (raw) land covered by the first phase—specifically, plots larger than 10,000 square meters. Experts and specialists believe that the real estate development sector is facing a critical phase and a major challenge, as it is the only sector capable of transforming undeveloped land into … Read more

Minister of Transport hands over air operator's license to SaudiGulf Airlines and launches flights next September

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Reading time: 2 MinutesSuleiman bin Abdullah Al-Hamdan, Minister of Transport and Chairman of the Board of Directors of the General Authority of Civil Aviation, presented the air operator’s certificate to Tariq bin Abdulhadi Al-Qahtani, Chairman of the Board of Directors of Saudi Gulf Airlines, during a ceremony held for the occasion. The Minister of Transport emphasized that the Saudi market is large and capable of accommodating many operators in the field of air transport, and Al-Hamdan noted that … Read more

Riyadh Chamber organizes an introductory meeting on the executive regulations of the white land fees system next Tuesday

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Reading time: < 1 MinuteThe Riyadh Chamber of Commerce and Industry is organizing an informational session on the implementing regulations for the Vacant Land Fees System, featuring a presentation by His Excellency Engineer Mohammed bin Ahmed Al-Madiheim, General Supervisor of the program at the Ministry of Housing. The session will take place at 1:00 p.m. on Tuesday, 23 Ramadan 11437 AH, corresponding to June 28, 2016, at the Chamber’s headquarters on Prince Abdulaziz bin Musa’ad bin Jalawi Street (formerly Al-Dabab), where … Read more

“Amlak is following the events. Salhiya Law Firm and Saad Bin Ghoneim win the liquidation of Sheikh Saleh Al Rajhi's estate

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Reading time: 2 MinutesThe judicial body responsible for liquidating the estate of Sheikh Saleh Abdulaziz Al Rajhi, one of the Kingdom’s leading businessmen, has finalized the selection of the (legal and accounting) consortium that will be tasked with liquidating Sheikh Saleh Al Rajhi’s estate (real estate assets and land only, with a market value estimated at over 90 billion riyals based on current market prices), most of which is concentrated in the Kingdom’s major cities. … Read more

Growth in demand for housing products in Jeddah ”Housing” offers 15 thousand housing units

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Reading time: 2 MinutesThe implementation of the white land tax has injected some momentum into the sluggish real estate market, and market observers note that demand is high for land and residential units in northwest and northeast Jeddah due to the presence of numerous vital projects, as well as the fact that these areas are a natural extension of Jeddah Province and offer a significant supply of land, extending even to the Dhahban area to the north and Durat Al-Arous to the west. Ministry projects … Read more

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