Month: December 2016

The Ministry of Justice confirms its commitment to implementing the mortgage system

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Reading time: < 1 MinuteThe official spokesperson for the Ministry of Justice, Sheikh Dr. Mansour bin Abdulrahman Al-Qafari, said that notary offices are responsible for authenticating contracts and declarations, noting that some mortgage brokers resort to forcing the owner to transfer title to them, and to document the mortgage in customary documents to secure their right to sell the property directly in the event the debtor defaults, in violation of the Mortgage Law. He noted that the notary offices were … Read more

Today in Jeddah International Conference on Operation and Maintenance in Arab Countries kicks off

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Reading time: < 1 Minute  Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz—may God protect him—and with official support from the Ministry of Defense, the 14th International Conference on Operations and Maintenance in Arab Countries kicks off today in Jeddah. The conference is organized by the Arab Institute for Operations and Maintenance under the theme: “Enhancing the Role of Asset and Facilities Management in Improving the Efficiency of Government Spending.” The Secretary-General of the conference and President of the International Organization … Read more

”Municipality and Rural Development” starts applying the regulation of municipal services fees. today

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Reading time: < 1 Minute  Starting today, the Ministry of Municipal and Rural Affairs is implementing the schedule of fees for municipal services provided by municipal authorities and municipalities, with the aim of improving the quality of municipal services provided to citizens throughout the Kingdom.  The new fees will be implemented on a geographically tiered basis according to cities, governorates, and districts, taking into account urban strategy and economic activity. The Kingdom’s municipal authorities and municipalities have been classified into … Read more

“Housing” approves 37 amendments to the Housing Support Regulations

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Reading time: < 1 Minute To expedite implementation, Housing Minister Majid Al-Hogail approved 37 amendments to the housing subsidy regulations, which will take effect starting today, Saturday. The amendments included reducing the area specified in the regulations for an “appropriate” dwelling from 140 square meters to 125 square meters, and setting the cost of the dwelling the applicant wishes to purchase or build at the amount of the loan or financing based on … Read more

The Evaluation Board requires 2,000 hours of work to qualify for membership

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Reading time: < 1 MinuteThe Saudi Authority for Real Estate Appraisers has clarified that no person is authorized to practice in the appraisal sector unless they become a primary certified appraiser by successfully completing Course (107) and accumulating 2,000 appraisal hours. The Authority recently concluded a real estate appraisal course, attended by 43 participants, which lasted five days at the headquarters of the Makkah Chamber of Commerce and Industry, with the aim of training professional staff… Read more

”Housing” plans to establish a refinancing company and build 1.5 million housing units

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Reading time: < 1 Minute Housing Minister Majed Al-Hogail announced the upcoming establishment of the Saudi Refinancing Company, which aims to provide approximately 50 billion riyals in financing to the housing sector over the next five years. Speaking yesterday at the Sukuk Conference organized by the Capital Market Authority in cooperation with the World Bank, Al-Hogail emphasized that stimulating investment and deepening financing are essential for the growth of the housing sector. He noted that … Read more

Investment funds inject 24 billion riyals into the stock market

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Reading time: < 1 MinuteAn analysis prepared by the «Arqam» financial portal revealed that investment funds licensed by the Authority made net purchases totaling 24 billion riyals during the month of November—a figure more than ten times higher than the average net purchase rate over the past 12 months. These figures were taken from the monthly report on trading volume and ownership in the Saudi stock market for November, … Read more

Indian companies express interest in “Housing” projects”

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Reading time: < 1 MinuteA number of major Indian companies operating in the construction and contracting sectors have expressed interest in undertaking projects for the Ministry of Housing. An official at the Indian Embassy in Riyadh clarified this, noting that companies wishing to enter the Saudi market have carried out projects in Qatar and the United Arab Emirates. The Indian official added that Indian companies have the advantage of having a large number of Indian workers in Saudi Arabia, … Read more

Citizens asked to update their data in the Real Estate Fund's waiting lists

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Reading time: < 1 MinuteThe Real Estate Development Fund has sent text messages (SMS) to citizens on the waiting lists, asking them to update their information via the Fund’s website. The messages sent by the Fund to a number of citizens on the waiting lists read: “Please update your information with the Real Estate Development Fund to complete the details of your application via the link.” Media sources recently reported that the Real Estate Development Fund … Read more

Mortgage loans rose by more than 200 billion riyals by the end of the third quarter

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Raising real estate financing

Reading time: < 1 MinuteMortgage loans granted by commercial banks in Saudi Arabia at the end of the third quarter of 2016 rose by approximately 202.3 billion riyals, an increase of 5 % compared to the second quarter of this year. According to the Saudi Arabian Monetary Authority’s quarterly bulletin for the third quarter of 2016, loans granted to individuals totaled approximately 109.5 billion riyals, an increase of 1 % compared to the quarter … Read more

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