Month: February 2017

Council of Ministers: Leases that are not registered in the electronic network are judicially valid contracts

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Cabinet of Ministers

Reading time: < 1 MinuteAt its meeting held today at Al-Yamamah Palace in Riyadh, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, the Council of Ministers announced that lease agreements not registered on the electronic network are not legally valid, It directed the Ministries of Justice and Housing to establish the conditions and requirements that must be met in a contract for it to be considered registered in the electronic network, as well as the cases that may be covered … Read more

Economists: The start of collecting white land fees is a wake-up call for the real estate market

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Residential plot

Reading time: 2 MinutesThe real estate sector is awaiting the issuance of bills for vacant land fees next month for Riyadh, Jeddah, and Dammam, and the collection of these fees from property owners via electronic services through the SADAD platform or through online banking services. The Ministry also denied rumors regarding the postponement of the implementation of white land fees, urging everyone to obtain information on the fees from official channels… Read more

Ministry of Housing: The transition to electronic lease registration will be implemented gradually, starting with the Eastern Province

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Eastern Region

Reading time: < 1 Minute  The Ministry of Housing has begun addressing issues related to real estate offices over the next three months, after which it will launch the online registration of lease agreements. The General Supervisor of the “Ijar” program at the Ministry of Housing, Engineer Mohammed bin Saleh Al-Bati, stated that the phase of registering lease contracts will take place gradually, beginning in the Eastern Province and then expanding to the rest of the Kingdom. … Read more

Reports: Saudi banks injected SAR 31.349 billion in financing for auto imports in 2016

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Reading time: 2 MinutesThe automotive sector plays a significant role in the Saudi economy; the highest amount of financing granted by banks to the sector was in February 2016, totaling 3.578 billion riyals, while the lowest amount granted was 1.292 billion riyals in October of the same year. The automotive finance sector accounted for “car” imports in the Kingdom for December 2016, as … Read more

Al-Rumaih Holding Company Obtains Off-Plan Sales License to Market the “Tarout New Beach” Project in Qatif

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Reading time: < 1 MinuteAl-Rumaih Holding Company has obtained a license to sell off-plan real estate units (land plots) for the Tarut “New Beach” project located in Qatif, which spans an area of approximately 319,304 square meters, distributed across more than 500 plots of land. For his part, Mohammed bin Saud Al-Ghazwani, Secretary-General of the Off-Plan Sales Committee, explained that the company has already begun… Read more

Sponsored by the Minister of Commerce. Joint program exempts entrepreneurs from financial fees for licenses

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Reading time: < 1 Minute  A strategic partnership agreement was signed today, Sunday, between the General Authority for Small and Medium Enterprises and King Abdullah Economic City, and the Economic Cities Authority, with the aim of providing comprehensive facilities and services to entrepreneurs in the economic city and creating an attractive and sustainable investment environment that enables small and medium-sized enterprises to conduct their business, under the patronage of the Minister of Commerce and Investment and Chairman of the Board of Directors of the General Authority for Small and Medium Enterprises, Dr. Majid … Read more

Coinciding with a specialized exhibition, the Saudi Water and Environment Forum kicks off this evening in Riyadh

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Reading time: < 1 MinuteUnder the patronage of the Minister of Environment, Water, and Agriculture, Eng. Abdulrahman bin Abdulmohsen Al-Fadli, the Saudi Water and Environment Forum and its accompanying exhibition will kick off this Sunday evening. Organized by the Ministry, the event will run for three days, at the Prince Sultan bin Abdulaziz Hall in the Al Faisaliah Hotel. Dr. Mohammed Al Saud, Undersecretary of the Ministry of Environment, Water and Agriculture for Water Affairs and General Supervisor of the forum, confirmed … Read more

Cement companies' sales fell to 4.85 million tons last month

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Construction cement.

Reading time: < 1 MinuteWell-informed media sources reported that cement companies’ sales fell in January to 4.85 million tons, compared to 5.75 million tons, representing a decline of 15.661%, despite the entry of: Umm Al-Qura Cement with 115,000 tons and United Cement with 141,000 tons, which were not included in the list for the comparable period. The decline in sales coincided with … Read more

He emphasized the importance of real estate asset management. Al Masa Capital's sixth investor forum discusses economic zone issues

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Reading time: 3 Minutes With the participation of a select group of banking and investment experts from around the world, Al Masa Capital, the leading alternative asset management firm in the United Arab Emirates, concluded its annual investor conference held at The Ritz-Carlton Hotel in the Dubai International Financial Centre. The forum’s program included presentations and panel discussions highlighting the most important issues and challenges facing the sectors… Read more

Jeddah Execution Court rules to sell mortgaged property worth 250 million riyals

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Reading time: < 1 MinuteThe Enforcement Court in Jeddah has issued a ruling ordering the sale of a property valued at 250 million riyals, located in a strategic area of Jeddah and owned by a businessman, to settle his debt with a bank. A source at the court indicated that the ruling came after the bank filed a complaint with the Enforcement Court demanding that a real estate merchant pay 200 million riyals, explaining that the bank was able to provide evidence of the amount that … Read more

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