Month: June 2017

The National Water Company is asking its customers to update their information regarding residential service subscriptions

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Reading time: < 1 MinuteThe National Water Company has urged its customers to update their information regarding water and sanitation service subscriptions, either through its online portal or by visiting the nearest customer service branch in four cities (Riyadh, Makkah, Jeddah, Taif), or by contacting the company’s unified call center, in order to avoid accumulating water debts and to ensure uninterrupted service. The company noted in a statement that … Read more

“SEDCO Development signs agreement with SEDCO Holding and Meethaq Holding to develop Al Rawda project in Jeddah

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Reading time: < 1 MinuteTo construct a commercial and retail center, as well as residential, administrative, and hotel towers, on a 70,000-square-meter site, SEDCO Development has signed an agreement with SEDCO Holding Group and Mithaq Holding Company, to begin the design and development of the Al-Rawda commercial, residential, and entertainment project in Jeddah. On this occasion, Zuhair Hamza, CEO of Sedco Development, explained that the Al-Rawda project consists of … Read more

Dubai is rebounding while Abu Dhabi is declining... The hospitality sector continues to rise in Mecca... and is declining in Riyadh

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Reading time: 2 Minutes  Rates in the hospitality and hotel sector in Mecca have surged significantly, generating the highest revenue to date, reaching $107—a 24.31% increase over last year. This is attributed to the rise in religious tourism before and during the current month of Ramadan, according to a report by Ernst & Young (EY) on the hospitality sector in the Middle East and North Africa in 2017. Declining rates … Read more

Off-plan sales (Wafi) include 383 residential villas from the Saudi Real Estate Company and 108 from Shuaa Real Estate

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Real Estate Marketing - Real Estate Marketing - Real Estate Projects

Reading time: < 1 Minute  The Off-Plan Sales and Leasing Committee of the Ministry of Housing’s “Wafi” program has approved the sale and marketing of 491 off-plan residential units in Riyadh, including 383 residential villas for the Saudi Real Estate Company in the Al-Qarya Al-Hab Al-Ramal project, with a total project area of 430,726 square meters, while it issued another license to Shuaa Al-Madain Real Estate Development Company for its “West of the Airport” project to sell 108 villas … Read more

Minister of Housing appoints Khalid Al-Amoudi as supervisor of the Fund and Al-Youssef as advisor to the Minister

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Accreditation of the Saudi Housing Guarantee Company

Reading time: < 1 MinuteMajid bin Abdullah Al-Hogail, Minister of Housing and Chairman of the Board of Directors of the Real Estate Development Fund, issued a decision today appointing Khalid bin Mohammed bin Abu Bakr Al-Amoudi to serve as General Supervisor of the Real Estate Development Fund effective October 8, 1438 AH, He has been delegated the powers assigned to the Director General of the Real Estate Development Fund, and it was also decided to appoint Ayham bin Mohammed Al-Yousef as an advisor … Read more

Including penalties and fines... The General Authority for Zakat publishes a draft value-added tax regulation

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Raising real estate financing

Reading time: < 1 MinuteThe General Authority for Zakat and Income has published the draft Value-Added Tax (VAT) Law on its website. The draft law consists of 12 chapters and 77 articles, and is set to take effect as of the beginning of January 2018. The draft law stipulates that the Authority shall be responsible for the administration, audit, assessment, and collection of value-added tax. Any person who fails to submit a registration application within the specified periods shall be subject to penalties… Read more

Riyad Bank launches off-plan real estate financing program for individuals and encourages a culture of savings

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Reading time: < 1 MinuteRiyad Bank announced its intention to launch a personal financing program for off-plan real estate units, following its design and development for individual customers, It will also commit to designing and preparing the appropriate product, noting that it will provide dedicated channels for receiving financing applications from buyers of this type of real estate. This announcement came during the signing of a memorandum of cooperation and understanding between the “Wafi” off-plan sales and leasing program and Riyad Bank … Read more

Saudi Real Estate Company signs a contract to build 511 residential units in Al Dahiya in Al Rimal neighborhood

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Reading time: < 1 MinuteThe Saudi Real Estate Company plans to build and develop 511 residential units, including villas and duplexes, in its “Al-Dahiya” project in the Al-Rimal neighborhood, following the signing of a contract with the contractor, the Saudi Real Estate Company for Construction —in which it holds a 60.1% stake—at a total cost of 538.28 million riyals. The company stated in a press release on “Tadawul” that the contract’s execution period is 30 months … Read more

Ministry of Housing reiterates its keenness on the legality of all companies participating in real estate exhibitions

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Reading time: < 1 Minute  The Ministry of Housing reiterated its commitment to verifying the legal status of all companies participating in exhibitions and conferences and ensuring that they have not committed any legal violations, noting that it ensures the lawful participation of various relevant entities in all exhibitions and conferences it organizes and sponsors. For his part, Ministry of Housing spokesperson Saif Al-Suwailem stated in his remarks that the Ministry had, at a time … Read more

In accordance with the Crown Prince’s directives, the Saudi Council of Engineers has begun issuing professional accreditation certificates to expatriates

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Reading time: < 1 MinuteDr. Hussein bin Yahya Al-Fadli, Secretary General of the Saudi Council of Engineers, recently presented the first professional certification and membership card for the technician profession issued by the Council to an expatriate, in accordance with the directives of His Royal Highness Prince Mohammed bin Nayef bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Minister of the Interior—may God protect him—who emphasized in his directives the linking of the issuance and renewal of residencies for all engineering professions… Read more

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