Month: March 2017

The Real Estate Fund is providing 100% interest-free financing to 801 eligible applicants

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Reading time: < 1 MinuteThe Real Estate Development Fund announced that approximately 801,000 eligible recipients of the Real Estate Fund will receive 100% support with no financing fees under the new subsidized financing program. The Fund confirmed on its Twitter account that the support provided by the Real Estate Fund through the subsidized financing program will be deposited directly into the citizen’s account on a monthly basis within less than 24 hours of deduction … Read more

“Damac Properties secures AED 600 million in financing for its residential projects in the UAE

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Reading time: < 1 MinuteDAMAC Properties’ Mortgage Division announced that it has bolstered the company’s resources with AED 600 million in mortgage financing to fund hundreds of residential units across the United Arab Emirates. Damac Properties is the only luxury real estate developer in the Middle East with an in-house department dedicated to facilitating mortgage transactions; this department was established … Read more

Housing Minister Discusses Ministry Initiatives and Joint Housing Programs with Samba Financial Group

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Reading time: < 1 Minute  During a visit to Samba Financial Group, Housing Minister Majid bin Abdullah Al-Hogail discussed with Samba Financial Group Chairman Isa bin Mohammed Al-Issa discussed prospects for cooperation between the two sides and ways to strengthen their existing partnership in the real estate and housing finance sector, with the aim of overcoming the challenges facing this sector by launching more joint initiatives and programs in this … Read more

Emir of Sharqiya honors Al Ahli Bank for its pioneering role in developing and building the capacities of the third sector

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Reading time: < 1 MinuteAl-Ahli Bank was honored by His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, in recognition of its strategic partnership in developing and building the capabilities of the third sector. His Royal Highness Prince Turki bin Mohammed bin Fahd, Chairman of the Board of Directors of the “Binaa” Association, on behalf of the Governor of the Eastern Province, commending the bank’s role in corporate social responsibility, which … Read more

Ellington Real Estate launches the “Belgravia” residential complex in Jumeirah Village, Dubai

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Reading time: < 1 Minute  With a total of 181 residential units, Ellington Real Estate has launched the “Belgravia” residential complex in the Jumeirah Village Circle area of Dubai. The company explained that the complex consists of four floors in addition to the ground floor, with each residential unit featuring one, two, or three bedrooms. The complex also includes a swimming pool, a fitness center, a yoga room, and indoor and outdoor areas … Read more

The Ministry of Housing denies any changes to the housing subsidy regulations... and is developing programs to provide land

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Reading time: < 1 MinuteThe Ministry of Housing has announced its intention to address the shortage of land by launching a program in collaboration with the Ministry of Municipal and Rural Affairs and other relevant agencies to utilize their land in the coming period. In a related development, Prince Saud bin Talal bin Badr bin Abdulaziz, Advisor and General Supervisor of the Ministry of Housing’s Agency for Housing Support and Branches, denied that there would be any new amendments… Read more

20 hotel projects position Al-Khobar as the third major hub for hospitality development in Saudi Arabia

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Reading time: < 1 Minute  The 2017 Overview of Hotel Construction in Saudi Arabia report revealed that there are 20 hotel projects under construction in Al-Khobar, placing it third behind Jeddah (44 projects) and Riyadh (48 projects), surpassing Makkah, which has 19 hotel projects under construction. Al-Khobar emerged as the third-largest hotel development region in the Kingdom of Saudi Arabia this year, … Read more

Al-Andalus Real Estate Company is allocating two plots of land for the construction of the Sulaiman Al-Habib Hospital west of Jeddah

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Reading time: < 1 Minute  Through a strategic partnership, Al-Andalus Real Estate Company yesterday completed the transfer of two plots of land designated for the hospital project in Jeddah, with a total area of 30,250 square meters, to West Jeddah Hospital Company. Al-Andalus Real Estate Company clarified that West Jeddah Hospital was established as a 50-50 joint venture with Dr. Sulaiman Al-Habib Medical Group Holding Company, in accordance with an agreement signed in October 2014. The agreement stipulates that the company … Read more

UAE first, Qatar second Saudi Arabia ranks third in the World Happiness Index

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Reading time: 2 MinutesThe Happiness Index published by the United Nations, through the Sustainable Development Solutions Network, showed that Saudi Arabia ranked third among the happiest Arab countries in 2017, behind the United Arab Emirates and Qatar, while Norway ranked first and Denmark second, and the United States ranked fourteenth globally as the happiest country in the world. It aims to provide a new tool for governments, businesses, and civil society … Read more

National Committee of Cement Companies Plans to Cut Production to 21%, Inventories Soar

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Reading time: < 1 MinuteThe National Committee for Cement Companies at the Council of Chambers of Commerce plans to reduce cement production to approximately 12.1 million tons in order to increase efficiency and improve product quality by suspending operations on some production lines. In this regard, Jihad bin Abdulaziz Al-Rashid, chairman of the committee, explained that the cement market is currently oversupplied, so companies are moving to reevaluate their operations … Read more

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