Month: June 2016

During its annual iftar party. The Housing Cooperative Society: Plans to build 1000 housing units in Riyadh

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Reading time: 3 MinutesDuring its annual iftar ceremony held yesterday at the Riyadh Housing Cooperative Association, the association renewed its keenness and focus on providing housing for shareholders and founders, praising the presence of His Royal Highness Prince Faisal bin Bandar bin Abdulaziz in the honorary presidency of the association, and the entry of Prince Saud bin Salman bin Abdulaziz as a shareholder member of the association. In addition, ... Read more

20 malls and 1,500 shops participate in the Riyadh Shopping Festival on Shawwal 9

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Reading time: < 1 MinuteWith the participation of more than 20 commercial centers and 1500 retail stores, the Riyadh Shopping and Entertainment Festival will be launched in the capital Riyadh on the ninth of Shawwal, and the new version of the festival is in line with the urban development witnessed by the capital, especially in the commercial and tourism sectors, which made it an attractive city for visitors in light of the increasing number of shopping and entertainment centers. For his part, the head of the tourism committee ... Read more

Saudi Arabia offers its investment advantages to major Russian companies

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Reading time: < 1 Minute  On the sidelines of the recently concluded St. Petersburg International Economic Forum, Russian President Vladimir Putin received members of the Saudi delegation, headed by Prince Saud bin Khaled Al-Faisal, head of the Saudi delegation and Deputy Governor of the General Investment Authority for Investment Affairs, who emphasized the importance of establishing partnerships with the Russian Fund for ... Read more

King Abdulaziz Airport to open a hotel with Ascott International at the end of Dhu al-Hijjah

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Reading time: < 1 MinuteWith an area of 4,500 square meters containing 110 rooms and suites, in addition to a gym, meeting rooms and restaurants, the General Authority for Civil Aviation (GACA) signed yesterday a contract to lease and operate a new hotel at King Abdulaziz International Airport in Jeddah with Ascott International Limited to be opened in the month of Dhu al-Hijjah of this year. On this occasion, Sakhr ... Read more

Shura Council recommends postponing the issuance of water bills at the new tariffs and calls for the implementation of the Saudi Building Code

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Reading time: < 1 MinuteThe Shura Council recommended the Ministry of Environment, Water and Agriculture to postpone issuing water bills with the new tariff until the negative effects of its implementation are addressed. The Water, Agriculture and Environment Committee recommended the ministry to qualify and classify private companies and institutions to detect water network leaks inside homes and approve their reports, and conduct a field study to identify the real consumption ... Read more

Real Estate Fund launches “Accelerated Loan” with Al Rajhi Bank next week

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Reading time: 2 MinutesThe “Accelerated Loan” program will be launched next week, according to an agreement signed by the Real Estate Development Fund (REF) today with Al Rajhi Bank, which targets citizens who are still on the waiting lists for their mortgage loans from the Fund, to contribute to the immediate financing of ready-made housing units, whether villas or apartments, according to the criteria and requirements set by the Fund, provided that the start will be in ... Read more

Ministry of Housing prepares to establish a national center for housing research and data

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Reading time: < 1 MinuteThe Ministry of Housing plans to establish a national center for housing research and data to draw a detailed picture of the housing market in the Kingdom for the current situation and the development witnessed by the sector based on statistical data and periodic information from various institutions. In addition, the ministry is expected to implement, among its projects for this year, the preparation of geographical information and surveying systems, which aims to create an integrated geographical system that serves its branches and ... Read more

Stabilization of prices. The real estate boom jumps the number of hotels in the center of Makkah to 1200

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Reading time: 2 Minutes  The central area of Makkah represents the most dynamic area in the Kingdom in terms of hotel occupancy and accommodation, and has witnessed in the past years a tireless movement and a real estate boom in the field of construction and construction, until the number of hotels jumped from 650 hotels five years ago to more than 1200 hotels of all categories. In addition, the central area and nearby areas in Makkah are witnessing ... Read more

Kuwait: National Real Estate Portfolio authorized to buy vacant land within the country

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Reading time: < 1 MinuteThe Kuwait Investment Authority (KIA) clarified that the National Real Estate Portfolio has the right to purchase vacant land within Kuwait, and is not limited to purchasing existing and income-producing real estate, and that the portfolio's establishment contracts do not prohibit or restrict any real estate purchase of vacant land owned by others. The Investment Authority said in a correspondence with Deputy Prime Minister and Minister of Finance Anas ... Read more

Bahrain : Residential sector leads the real estate market and banks are reluctant to finance the commercial sector

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Reading time: < 1 MinuteFollowing the general economic recession due to the fall in oil prices, real estate specialists in the Kingdom of Bahrain have predicted that commercial real estate prices will continue to fall in 2016 unless oil prices recover and return to rise during the second half of this year. The impact of the exit of local and foreign companies from the market In this regard, Abdullah Al-Kubaisi, CEO of Al-Kubaisi Group in Bahrain, explained ... Read more

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