Month: December 2016

Housing licenses off-plan sales in Al Khobar Views project in Sharqiya

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Reading time: < 1 MinuteThe Ministry of Housing, represented by the Off-Map Sales Committee, issued a license that allows the real estate developer to practice the early sale activity for Janan Real Estate Company for its project “Al Khobar Views” in the Eastern Province after completing the statutory requirements to obtain the license. The Secretary-General of the Committee, Mr. Mohammed bin Saud Al-Ghazwani, explained that obtaining an off-plan sales license entitles the real estate developer ... Read more

50% real estate offices closed across the Kingdom

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Reading time: < 1 MinuteThe competent authorities have written off about 50% of real estate offices in various regions of the Kingdom, after they practiced real estate activity in various regions of the Kingdom in irregular ways. This was revealed by the head of the real estate committee at the Jeddah Chamber, Khaled Al-Ghamdi, adding that this is due to the corrective phase witnessed by the real estate market, after the wave of rise witnessed by the sector in the recent period. For his part, the head of ... Read more

Discussing the private sector's contribution to the development of housing lands

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Reading time: < 1 MinuteThe Housing and Urban Development Committee of the Real Estate Committee of the Riyadh Chamber discussed at its first meeting under the chairmanship of Board Member of the Chamber and Chairman of the Real Estate Committee, Aiz bin Abdullah Al-Wabri, a number of issues aimed at serving the real estate sector and creating a stimulating environment to support real estate developers and investors. He explained that the committee identified during the meeting the most prominent programs, including communication with the Ministry of Housing ... Read more

8 million square meters of white land mortgaged with banks

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Reading time: < 1 Minute Preliminary expectations indicate that the total areas of land mortgaged with banks range between 6 to 8 million square meters of the total areas of land subject to land fees in various regions. The Minister of Housing Majid bin Abdullah Al-Hogail explained this, pointing out that the banks are only mortgaged and therefore there will be coordination between them and the owners of the mortgaged lands, and between - according to ... Read more

”Housing”. There are no penalties for circumventing white land fees

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Reading time: < 1 MinuteThe Ministry of Housing has confirmed that there are no penalties if the ministry discovers legal fraud by the owner of the land to develop it. This was explained by the General Supervisor of the White Land Fees Program of the Ministry of Housing, Engineer Mohammed Al Madhyhem, adding that the program will not be patient with defaulters for more than a year and that the ministry will turn to the state revenue system to stop their bank accounts and investment portfolios and sell ... Read more

Judicial decision to establish specialized real estate courts to expedite real estate cases

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Reading time: < 1 Minute To speed up the resolution of real estate cases, the Supreme Judicial Council issued a decision to establish real estate courts that specialize in cases related to real estate disputes, including the repercussions resulting from the cancellation of some deeds and ending their issues between the parties to the sale, as well as all real estate transactions and real estate brokerage (mediation) and cases of obligation to sell real estate or injustice in it and many others. Read more

“Saudi Arabia's Monetary Authority raises interest rate from 50 basis points to 75

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Reading time: < 1 MinuteThe Saudi Arabian Monetary Agency (SAMA) announced that it decided to raise the rate of reverse repurchase agreements from 50 basis points to 75 basis points and keep the rate of repurchase agreements at 200 basis points, based on the developments that occurred in the local and international financial markets, and that this decision will take effect immediately, according to the organization's website. ... Read more

Al Rajhi's active participation in the 2016 Riyadh Motor Show

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Reading time: < 1 MinuteAl Rajhi Bank participated in the Riyadh Motor Show 2016, which was held at the Riyadh International Convention and Exhibition Center. With the participation of many companies and institutions specialized in financing cars and all car and sports vehicle accessories. Al Rajhi Bank offers visitors at its booth during the exhibition various programs and products, the most important of which are car financing products. The bank also provides its customers with the opportunity to meet and interact with car dealerships. Read more

”Saudi Holland launches its new identity as ”The First Bank«

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Reading time: < 1 MinuteSaudi Holland Bank (SHB) has unveiled its new identity and branding, which transforms the bank into “The First Bank”, marking the beginning of a new era in the Kingdom's 90-year banking history. This came during a press conference held on this occasion at the Ritz-Carlton Hotel in Riyadh, explaining that the new identity and its associated ... Read more

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